Crude oil dips on rising supply
25/08/2016 08:28
Oil prices had earlier found some support after a delegate from the Organization of the Petroleum Exporting Countries told The Wall Street Journal that Tehran had sent a letter to OPEC members that it would attend the informal meeting next September in Algeria. That could signal a reversal in Iran’s stance, as it had declined to attend the last informal meeting back in April where a plan to freeze production failed. At the MCX, Crude oil futures for September 2016 contract closed at Rs. 3150 per barrel, down by 2.75 per cent, after opening at Rs. 3218, against the previous closing price of Rs. 3239. It touched the intra-day low of Rs. 3132.
