EIA warning on Iran drags down Oil
08/04/2015 12:45
Crude oil futures fell in the domestic market on Wednesday after the EIA warned that the Iran nuclear accord which may lift economic and financial sanctions against the Islamic nation could cut crude prices by USD 15 per barrel next year.
Iran last week moved closer to a historic nuclear deal with six global powers that could gradually ease sanctions against one of OPEC’s top oil producers, bolstering Iranian oil shipments, flooding the global market with more crude.
Caution ahead of the US inventory data to be released on Wednesday which may show that US oil stockpiles expanded last week from a record also drove down prices.
At the MCX, Crude oil futures, for the April 2015 contract, is trading at Rs 3,315 per barrel, down by 0.30 per cent, after opening at Rs 3,303, against the previous close price of Rs 3,325. It touched an intraday low of Rs 3,303. (At 11:08 AM).
08/04/2015 12:45
Crude oil futures fell in the domestic market on Wednesday after the EIA warned that the Iran nuclear accord which may lift economic and financial sanctions against the Islamic nation could cut crude prices by USD 15 per barrel next year.
Iran last week moved closer to a historic nuclear deal with six global powers that could gradually ease sanctions against one of OPEC’s top oil producers, bolstering Iranian oil shipments, flooding the global market with more crude.
Caution ahead of the US inventory data to be released on Wednesday which may show that US oil stockpiles expanded last week from a record also drove down prices.
At the MCX, Crude oil futures, for the April 2015 contract, is trading at Rs 3,315 per barrel, down by 0.30 per cent, after opening at Rs 3,303, against the previous close price of Rs 3,325. It touched an intraday low of Rs 3,303. (At 11:08 AM).
