More pain for oil as Iran talks eyed
30/03/2015 12:20
Crude oil futures extended a sell-off in the domestic market on Monday as Iran and the Western nations edged closer to striking a nuclear deal which could ease sanctions against the oil-rich Islamic nation, prompting a boost in Iranian crude shipments, exacerbating a global supply surplus.
Western diplomats were set to resume talks with Iran in Switzerland even as divisions remain over the pace of easing sanctions on Iran or curbs to be imposed on the country’s controversial nuclear program. According to the Iranian oil minister, Iran, the fifth largest oil producer in the OPEC may boost crude exports by 1 million barrels per day if sanctions were to be removed.
At the MCX, Crude oil futures, for the April 2015 contract, is trading at Rs 3,020 per barrel, down by 4.19 per cent, after opening at Rs 3,125, against the previous close price of Rs 3,152. It touched an intraday low of Rs 3,016. (At 11:45 AM).
30/03/2015 12:20
Crude oil futures extended a sell-off in the domestic market on Monday as Iran and the Western nations edged closer to striking a nuclear deal which could ease sanctions against the oil-rich Islamic nation, prompting a boost in Iranian crude shipments, exacerbating a global supply surplus.
Western diplomats were set to resume talks with Iran in Switzerland even as divisions remain over the pace of easing sanctions on Iran or curbs to be imposed on the country’s controversial nuclear program. According to the Iranian oil minister, Iran, the fifth largest oil producer in the OPEC may boost crude exports by 1 million barrels per day if sanctions were to be removed.
At the MCX, Crude oil futures, for the April 2015 contract, is trading at Rs 3,020 per barrel, down by 4.19 per cent, after opening at Rs 3,125, against the previous close price of Rs 3,152. It touched an intraday low of Rs 3,016. (At 11:45 AM).
