WTI Crude oil futures extended losses from around 32 month high as corrective pressure in broad commodities and a sharp spurt in the US dollar index following the slightly hawkish comments from the US Fed weighed on the counter. Oil traders also eyed rising output trends in the US as oil rigs have gone up at a good in last few weeks. Baker Hughes reported on last Friday that the number of oil and gas rigs in the United States rose last week, bringing the total rig count to 461, up 5 on the week and bringing the total build this year to 110 rigs. The total number of active oil and gas drilling rigs in the US is now 182 more than this time last year. The oil rig count rose by 6 in the week to 365. The commodity currently quotes at $70.47 per barrel, down 0.80% on the day. MCX Crude oil futures closed at Rs 5245 per barrel, down 0.61% on the day after hitting above Rs 5300 mark earlier.
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