Crude oil contracts on MCX fell to a one-week low today tracking benchmark contracts on NYMEX which fell as US shale oil output is seen rising. “While there are some signs that US shale growth may be slowing, production remains at fairly high levels," National Australian Bank said in its August energy outlook. US oil output rose to a two-year high of 9.43 mln bpd last week. Media reports also said that OPEC exports rose to a record high in July casting doubts on whether the cartel could stick to its output cuts.
Source : Newswire
More will update soon!!
