Crude oil futures traded lower on MCX after the Energy Information Administration said that US crude inventories rose by 8.4 million barrels last week, higher than expectations for a rise of 3.3 million barrels indicating that the demand for the commodity in US, world’s largest consumer of crude oil is weak. Prices also fell after Russia held out the possibility of cooperating with OPEC to control global oversupply. However, losses were curbed by a weaker dollar following the Federal Reserve's decision to keep its overnight interest rate unchanged and the release of a statement suggesting it was re-evaluating the pace of future hikes. The contract for February delivery was trading at Rs 2182.00, down by 0.91% or Rs 20.00 from its previous closing of Rs 2202.00. The open interest of the contract stood at 35935 lots. The contract for March delivery was trading at Rs 2296.00, down by 0.65% or Rs 15.00 from its previous closing of Rs 2311.00. The open interest of the contract stood at 3330 lots on MCX.

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