Oil tumbles on Iran fears
31/03/2015 09:48
Crude oil futures plunged in the domestic and overseas market on Monday as Western diplomats worked towards reaching a nuclear deal with Iran that could ease sanctions against the Islamic nation, boosting a global supply glut.
Iran and officials from six global powers met in Switzerland, intensifying efforts to reach a nuclear deal even as differences remained over the pace of easing sanctions and imposing limit on Iran’s controversial nuclear program.
Iran, the OPEC’s fifth largest oil producer, may boost crude exports by 1 million barrels per day if sanctions are lifted, the country’s Oil Minister said recently.
US consumer spending barely rose last month as a harsh winter sapped sentiment, signaling a slowdown in the world’s biggest economy, clouding the demand outlook for the fuel. US consumer spending climbed 0.1 per cent in February from January, when it fell 0.2 per cent.
Investors cast aside robust pending home sales data which signaled a pickup in the American housing market. The gauge measuring pending home sales climbed 3.1 per cent to the highest level since June 2013 at 106.9 in February 2015, up from a 1.2 per cent gain in January.
Oil may extend a decline today as investors stay cautious amid a looming Iran deal.
At the MCX, Crude oil futures, for the April 2015 contract, closed at Rs 3,017 per barrel, down by 1.15 per cent, after opening at Rs 3,125, against the previous close price of Rs 3,152. It touched an intraday low of Rs 2,999 till the closing.
31/03/2015 09:48
Crude oil futures plunged in the domestic and overseas market on Monday as Western diplomats worked towards reaching a nuclear deal with Iran that could ease sanctions against the Islamic nation, boosting a global supply glut.
Iran and officials from six global powers met in Switzerland, intensifying efforts to reach a nuclear deal even as differences remained over the pace of easing sanctions and imposing limit on Iran’s controversial nuclear program.
Iran, the OPEC’s fifth largest oil producer, may boost crude exports by 1 million barrels per day if sanctions are lifted, the country’s Oil Minister said recently.
US consumer spending barely rose last month as a harsh winter sapped sentiment, signaling a slowdown in the world’s biggest economy, clouding the demand outlook for the fuel. US consumer spending climbed 0.1 per cent in February from January, when it fell 0.2 per cent.
Investors cast aside robust pending home sales data which signaled a pickup in the American housing market. The gauge measuring pending home sales climbed 3.1 per cent to the highest level since June 2013 at 106.9 in February 2015, up from a 1.2 per cent gain in January.
Oil may extend a decline today as investors stay cautious amid a looming Iran deal.
At the MCX, Crude oil futures, for the April 2015 contract, closed at Rs 3,017 per barrel, down by 1.15 per cent, after opening at Rs 3,125, against the previous close price of Rs 3,152. It touched an intraday low of Rs 2,999 till the closing.
