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Saudi Arabia’s crude exports fell in April

Crude oil futures retreated during morning trade in the domestic market on Tuesday as traders stuck to a cautious stance ahead of the crucial EU referendum on Thursday in which Britain will vote whether to break away from the European Union, a move which could hurt the global economy and dampen the appetite for risky assets including commodities and push up the dollar, with which oil has an inverse relationship.

On the supply front, Saudi Arabia’s crude exports fell in April despite high production levels but Iran has beefed up its crude exports capacity at its main terminal on Kharg Island as it looks to regain its oil market share to pre-sanction levels.

At the MCX, Crude oil futures for July 2016 contract were trading at Rs. 3,370 per barrel, down by 0.15 per cent, after opening at Rs. 3,375, against the previous closing price of Rs. 3,375. It touched the intra-day low of Rs. 3,367. (At 10:31 AM).

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