OPEC bets lift Oil
25/11/2014 09:29
Crude oil futures surged in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity amid reports that Iran will seek a cut in OPEC’s targeted production level at the upcoming Vienna meet, easing concerns over a global supply glut.
Iranian Oil Minister said that he may propose an OPEC production cut of as much as 1 million barrels per day when he meets Saudi Arabia’s Ali Al-Naimi before the OPEC meet, Mehr News reported.
Meanwhile, the Kommersant reported that the Russian government may consider a production cut of 15 million tons or about 300,000 barrels per day next year in exchange for 70 million tons of OPEC cuts, to bolster oil prices.
Meanwhile, Iran and a group of world powers agreed to extend talks on the Islamic country’s controversial nuclear program until July as they failed to overcome differences at talks in Vienna, supporting oil prices as international sanctions against Tehran continue to stem the Persian Gulf nation’s crude shipments.
US services activity continued to expand in November, albeit at the slowest rate since April as the Markit Services PMI stood at 56.3, above the mark of 50 that separates expansion from contraction, but lower than October’s reading of 57.1.
Crude oil futures may trade lower today amid caution ahead of this week’s OPEC meet.
At the MCX, Crude Oil futures, for the December 2014 contract, closed at Rs 4,752 per barrel, up by 1.17 per cent, after opening at Rs 4,725, against a previous close of Rs 4,697. It touched an intra-day high of Rs 4,787.
25/11/2014 09:29
Crude oil futures surged in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity amid reports that Iran will seek a cut in OPEC’s targeted production level at the upcoming Vienna meet, easing concerns over a global supply glut.
Iranian Oil Minister said that he may propose an OPEC production cut of as much as 1 million barrels per day when he meets Saudi Arabia’s Ali Al-Naimi before the OPEC meet, Mehr News reported.
Meanwhile, the Kommersant reported that the Russian government may consider a production cut of 15 million tons or about 300,000 barrels per day next year in exchange for 70 million tons of OPEC cuts, to bolster oil prices.
Meanwhile, Iran and a group of world powers agreed to extend talks on the Islamic country’s controversial nuclear program until July as they failed to overcome differences at talks in Vienna, supporting oil prices as international sanctions against Tehran continue to stem the Persian Gulf nation’s crude shipments.
US services activity continued to expand in November, albeit at the slowest rate since April as the Markit Services PMI stood at 56.3, above the mark of 50 that separates expansion from contraction, but lower than October’s reading of 57.1.
Crude oil futures may trade lower today amid caution ahead of this week’s OPEC meet.
At the MCX, Crude Oil futures, for the December 2014 contract, closed at Rs 4,752 per barrel, up by 1.17 per cent, after opening at Rs 4,725, against a previous close of Rs 4,697. It touched an intra-day high of Rs 4,787.
