Mild rebound for Oil on Iran bets
20/10/2014 11:03
Crude oil futures posted slim gains in the domestic market on Monday after Iran said that it is aiming to avert a further drop in global oil prices, a sign that leading OPEC producers may take measures to support the oil market. Iranian President Hassan Rouhani urged the country’s “oil ministry tool” to stem a decline in oil prices, the state-run Mehr news agency reported. Further, Bloomberg news reported that Saudi Arabia and Kuwait have also started to cut output from an oil field. At the MCX, Crude Oil futures, for the October 2014 contract, is trading at Rs 5,098 per barrel, up by 0.06 per cent, after opening at Rs 5,093, against a previous close of Rs 5,095. It touched an intra-day high of Rs 5,101. (At 10:35 AM).
20/10/2014 11:03
Crude oil futures posted slim gains in the domestic market on Monday after Iran said that it is aiming to avert a further drop in global oil prices, a sign that leading OPEC producers may take measures to support the oil market. Iranian President Hassan Rouhani urged the country’s “oil ministry tool” to stem a decline in oil prices, the state-run Mehr news agency reported. Further, Bloomberg news reported that Saudi Arabia and Kuwait have also started to cut output from an oil field. At the MCX, Crude Oil futures, for the October 2014 contract, is trading at Rs 5,098 per barrel, up by 0.06 per cent, after opening at Rs 5,093, against a previous close of Rs 5,095. It touched an intra-day high of Rs 5,101. (At 10:35 AM).
