Crude Corrects Half A Percent On MCX

WTI Crude oil futures extended losses today as equities stayed cautious amid continued concerns over the US-China trade talks. Oil traders also eyed the rising US shale oil production. The US oil output from seven major shale formations is likely to rise by nearly 63,000 barrels per day (bbl/d) in February to a record 8.179 million bbl/d, the US Energy Information Administration (EIA) said in an update last month. Bulk of this production increase is owing to a surge in output in the Permian Basin, the biggest oil field in the US. The WTI Crude oil futures recently hit a two month high but have failed to sustain the gains and currently trade at $ 52.47 per barrel, down 0.46% on the day. MCX Crude oil futures are currently trading at Rs 3741 per barrel, down 0.51% on the day after testing lows under Rs 3700 levels.