Oil futures fell in Asian trade on Friday, heading lower
after posting the first significant gains for 2016 in the previous session, as
the prospect of additional Iranian supply looms over the market.
This is three or four months ahead of
what the market was thinking last year, so it just adds fuel to the fire,"
said Tony Nunan, Oil risk Manager, Mitsubishi Corp in Tokyo.
Iran has removed the sensitive core of its Arak nuclear
reactor and U.N. inspectors will visit the site on Thursday to verify the move
crucial to the implementation of the atomic agreement with major powers, state
television said on Thursday.
Any additional oil from Iran would add to the glut that has
pushed oil prices into a deep slump since the middle of 2014.
"It is the wrong time for Iran to be returning to the
oil market, both for the market and likely also for Iran," Phillip Futures
said in a note on Friday.
"It would have been so much more ideal for Iran to return
to the oil scene if prices were soaring at $100
Get Stock Trading and MCX Market Tips At
Zoid Research
Office 101, Shagun Tower
A.B. Commercial Road, Indore
Mobile: +91 9039073611
Email: info@zoidresearch.com
Website: www.zoidresearch.com
Office 101, Shagun Tower
A.B. Commercial Road, Indore
Mobile: +91 9039073611
Email: info@zoidresearch.com
Website: www.zoidresearch.com
Pin 452001
1 Day Free Trading Tips
Reliance Industries Limited opened under pressure on Friday's morning trade. It was the most active stock by value with traded quantity of around 30,25,597 shares and traded value of Rs 417 cr on NSE as of 1017 hours. The stock has witnessed an addition of around 4% in open interest.capitalstars
ReplyDelete