Output fears drag crude oil futures by 1%
29/08/2016 12:15
Crude oil futures were trading lower during the noon trade in the domestic market on Monday as investors and speculators cut down their bets in the energy commodity on dollar strengthening and after key OPEC producers downplayed the prospects of limiting output at a meeting next month. Iranian oil minister on Friday said that his country wanted its share of the crude market to return to the levels seen before the Western nuclear sanctions were imposed on it 13 years ago. The comments suggest that Tehran might not join possible efforts by OPEC and Russia to cap production at the gathering in Algeria. At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,162 per barrel, down by 1 per cent, after opening at Rs 3,190, against a previous close of Rs 3,194. It touched the intra-day low of Rs 3,160 (at 12:08 hours).
29/08/2016 12:15
