Oil tanks on Iran jitters
08/05/2015 09:26
Crude oil futures plunged in the domestic and overseas market on Thursday as investors and speculators exited positions in the energy commodity as investors worried that a return of Iranian oil into the market may worsen a global supply glut.
Iranian Oil Minister said that the Islamic nation, which currently pumps about 2.7 million barrels of oil per day, may produce 5.7 million barrels per day by 2018, if sanctions are lifted this year.
Iran and six global powers have to reach a final deal on the country’s nuclear program by June 30, 2015.
Investors weighed mixed US data which showed an uptick in jobless claims last week, while consumer credit rose by the most in eight months in March 2015, signaling uncertainty over the demand outlook in the world’s biggest economy.
US unemployment claims edged up by 3,000 to 265,000 in the week ended May 2, 2015. Consumer borrowing in the US rose by USD 20.5 billion in March from February, when it climbed USD 14.8 billion.
Oil futures may stay subdued today as investors eye the key US non-farm payrolls data which may offer further cues over the pace of US labour market recovery.
At the MCX, Crude oil futures, for the May 2015 contract, closed at Rs 3,790 per barrel, down by 2.37 per cent, after opening at Rs 3,874, against the previous close price of Rs 3,882. It touched an intraday low of Rs 3,777 till the closing.
08/05/2015 09:26
Crude oil futures plunged in the domestic and overseas market on Thursday as investors and speculators exited positions in the energy commodity as investors worried that a return of Iranian oil into the market may worsen a global supply glut.
Iranian Oil Minister said that the Islamic nation, which currently pumps about 2.7 million barrels of oil per day, may produce 5.7 million barrels per day by 2018, if sanctions are lifted this year.
Iran and six global powers have to reach a final deal on the country’s nuclear program by June 30, 2015.
Investors weighed mixed US data which showed an uptick in jobless claims last week, while consumer credit rose by the most in eight months in March 2015, signaling uncertainty over the demand outlook in the world’s biggest economy.
US unemployment claims edged up by 3,000 to 265,000 in the week ended May 2, 2015. Consumer borrowing in the US rose by USD 20.5 billion in March from February, when it climbed USD 14.8 billion.
Oil futures may stay subdued today as investors eye the key US non-farm payrolls data which may offer further cues over the pace of US labour market recovery.
At the MCX, Crude oil futures, for the May 2015 contract, closed at Rs 3,790 per barrel, down by 2.37 per cent, after opening at Rs 3,874, against the previous close price of Rs 3,882. It touched an intraday low of Rs 3,777 till the closing.
