praveen
16-06-2008, 05:36 PM
Crude futures today fell marginally by 0.61 per cent in the domestic market on reports that world's biggest oil exporter Saudi Arabia may step up output next month.
According to traders Saudi Arabia is expected to increase output about 2,00,000 barrels a day from July.
"As supply is expected to rise with Saudi Arabia planning to increase its production next month, futures on the MCX counter witnessed a downward trend," Karvy Comtrade Research Head Harish G told PTI.
New York's main oil futures contract light sweet crude for July delivery fell USD 1.28 to USD 133.58 a barrel.
Brent crude oil for August delivery was lower by 61 cents at USE 134.50 a barrel.
Crude oil futures would be under pressure in the coming days as well, Harish said.
According to traders Saudi Arabia is expected to increase output about 2,00,000 barrels a day from July.
"As supply is expected to rise with Saudi Arabia planning to increase its production next month, futures on the MCX counter witnessed a downward trend," Karvy Comtrade Research Head Harish G told PTI.
New York's main oil futures contract light sweet crude for July delivery fell USD 1.28 to USD 133.58 a barrel.
Brent crude oil for August delivery was lower by 61 cents at USE 134.50 a barrel.
Crude oil futures would be under pressure in the coming days as well, Harish said.