Oil resumes decline on Iran comments
10/12/2014 11:54
Crude oil futures fell in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity after Iran predicted a further dip in prices amid discord among OPEC members.
An Iranian official said that crude may fall to as low as USD 40 per barrel due to a price war or divisions in the OPEC. Major OPEC members such as Saudi Arabia and Iraq have cut prices for its Asian buyers to the lowest level in over a decade as they bid to maintain their market share amid surging US crude output.
At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 3,932 per barrel, down by 0.28 per cent, after opening at Rs 3,915, against a previous close of Rs 3,943. It touched an intra-day low of Rs 3,910. (At 11:37 AM).'
10/12/2014 11:54
Crude oil futures fell in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity after Iran predicted a further dip in prices amid discord among OPEC members.
An Iranian official said that crude may fall to as low as USD 40 per barrel due to a price war or divisions in the OPEC. Major OPEC members such as Saudi Arabia and Iraq have cut prices for its Asian buyers to the lowest level in over a decade as they bid to maintain their market share amid surging US crude output.
At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 3,932 per barrel, down by 0.28 per cent, after opening at Rs 3,915, against a previous close of Rs 3,943. It touched an intra-day low of Rs 3,910. (At 11:37 AM).'
