Brent oil prices fell to the lowest level since July 2004 on Wednesday, as worries over the health of the global economy added to the concerns that a global supply glut may stick around for longer than anticipated.
Most market analysts expect a global glut to worsen this year due to soaring production in Saudi Arabia and Russia.
Oversupply issue will be exacerbated further once Iran returns to the global oil market early next year after western-imposed sanctions are lifted. Analysts say the country could quickly ramp up production by around 500,000 barrels, adding to the glut of oil that has sent prices tumbling.
Most market analysts expect a global glut to worsen this year due to soaring production in Saudi Arabia and Russia.
Oversupply issue will be exacerbated further once Iran returns to the global oil market early next year after western-imposed sanctions are lifted. Analysts say the country could quickly ramp up production by around 500,000 barrels, adding to the glut of oil that has sent prices tumbling.
More Updated Commodity Market Tips & News At
Zoid Research
Office 101, Shagun Tower
A.B. Commercial Road, Indore
Mobile: +91 9039073611
Email: info@zoidresearch.com
Website: www.zoidresearch.com
452001
Mobile: +91 9039073611
Email: info@zoidresearch.com
Website: www.zoidresearch.com
452001
Subscribe For Free Tips
Crude Oil was static in the intraday trades ending Friday. The prices have been in the region of Rs 2100 and 2400 per barrel in the intraday trades during last week
ReplyDeleteintraday commodity tips
The dollar huddled near a 10-month through on Monday as the diminished risk of aggressive U.S. policy tightening sent investors piling into leveraged positions in higher yielding currencies or risky assets.capitalstars
ReplyDelete