Crude oil futures were flat during afternoon trade in the domestic market on Tuesday as investors and speculators remained on the sidelines in the energy commodity on some recovery in the US dollar and as US oil rigs count at the highest level in 14 months despite OPEC cut optimism.
Market got some support from the efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers to cut output by almost 1.8 million bpd in the first half of 2017. However, oil rigs in the US has risen over 20 per cent since the OPEC production cut agreement was reached, dampened further rise in crude oil prices. At the MCX, crude oil futures for February 2017 contract is trading flat at Rs 3579 per barrel after opening at Rs 3586, against a previous close of Rs 3579. It touched the intra-day low of Rs 3567.
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