Crude Oil Prices Declined By More Than 3 Percent Last Week

Crude Oil prices declined by more than 3 percent last week while prices declined by 2.1 percent on Monday to close at $50.6 per barrel. Indian markets were shut yesterday on 2nd October for Gandhi Jayanti, MCX oil prices declined 1 percent to close at Rs.3376 per barrel

Rise in U.S. drilling and higher OPEC output put the brakes on a rally that helped prices notch their biggest third-quarter gain in 13 years.

Iraq announced its exports rose slightly in September while a Reuter’s survey showed OPEC overall boosted output.

U.S. drillers added six oil rigs in the week to Sept. 29, bringing the total count to 750, data from General Electric Co's Baker Hughes energy services firm showed on Friday.

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