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 Crude oil contracts for October delivery traded lower by Rs 35, or 0.Meanwhile, the West Texas Intermediate shed 0.New Delhi: Crude oil futures fell 0.Analysts said the fall in crude oil futures was in tune with a weak trend in domestic markets, where it slipped on profit-booking by speculators.86 per cent, at Rs 4,048 per barrel.86 per cent to Rs 4,048 per barrel on Wednesday as speculators booked profits at existing levels, amid subdued spot demand.end-ofTags: crude oil, multi commodity exchange, brent crude, west texas intermediateLocation: India, Delhi, New Delhi.86 per barrel, while global benchmark Brent was down 0.86 per cent, at Rs 4,048 per barrel with a business volume of 14,562 lots on the Multi Commodity Exchange.Analysts said the fall in crude oil futures was in tune with a weak trend in domestic markets, thread screw barrel where it slipped on profit-booking by speculators.75 per cent to USD 56.93 per cent, at Rs 4,050 per barrel in a business turnover of 138 lots.95 per cent to USD 62.Crude oil contracts for October delivery traded lower by Rs 35, or 0.50 per barrel in New York.Crude oil contracts for November delivery traded lower by Rs 38, or A gallon of regular gasoline sold on average in the US for USD 2. 

(Photo: File)Berkeley Heights (New Jersey): President Donald Trump said on Saturday that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, maybe up to 2,000,000 barrels in response to turmoil in Iran and Venezuela.”Oil prices have edged higher as the Trump administration has pushed allies to end all purchases of oil from Iran following the US pulling out of the nuclear deal between Tehran and world powers. Brent crude stood at USD 79.Trump wrote on Twitter that he had asked the king in a phone call to boost oil production “to make up the difference.“The Trump support base is probably the part of the US electorate that will be the most sensitive to an increase in US gasoline prices,” Halff said. Trump (@realDonaldTrump) June 30, 2018A little over an hour later, the state-run Saudi Press Agency reported on the call, but offered few details.end-ofTags: donald trump, saudi king salman bin abdulaziz al saud, saudi arabia oil productionLocation: United States, New Jersey.Saudi Arabia currently produces some 10 million barrels of crude oil a day.Last week, members of the Organization of the Petroleum Exporting Countries cartel led by Saudi Arabia and non-cartel members agreed to pump 1 million barrels more crude oil per day, a move that should help contain the recent rise in global energy prices.If Trump’s comments are accurate, oil analyst Phil Flynn said it could immediately knock USD 2 or USD 3 off a barrel of oil.

It added that there also was an understanding that oil-producing countries would need “to compensate for any potential shortage of supplies.In a statement issued Saturday night, the White House did not specify that Saudi Arabia would increase production but that “King Salman affirmed that the Kingdom maintains a two million barrel per day spare capacity, which it will prudently use if and when necessary to ensure market balance and stability, and in coordination with its producer partners, to respond to any eventuality.However, Saudi Aramco CEO Amin Nasser told journalists in India on Monday that the state oil company has spare capacity of 2 million barrels of oil a day. “This leaves the world in kind of a vulnerable state.