Breaking News

You are here » Indian-Commodity  :  Commodities  :  Crude Oil  :  Crude oil futures resume rally on positive signals from Iran

24-Aug2016

Crude oil futures resume rally on positive signals from Iran

Crude oil futures resumed their rally on Tuesday despite ratings agency warnings that the recent rally will run out of steam and Goldman Sachs keeping its $45-50/barrel outlook through mid-2017. Though, the hopes were dim for an agreement of an output freeze at an informal OPEC meeting next month but Iran was sending positive signals that it may support joint OPEC action to prop up the market.  If OPEC and some other producers agree to cap output at informal talks next month, the resulting price boost may help other suppliers revive output. Crude pared some gains on trade data showing a surprise build in US crude stocks.

Benchmark crude oil futures for October delivery ended up by $0.69 or 1.5 percent to close at $48.10 a barrel after trading in a range of $47.69 and $48.20 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for October delivery gained $0.80 or 1.6 percent to $49.96 a barrel on the ICE.


Related News

View all news

Crude palm oil futures trade in green on rise in demand

Crude palm oil futures traded in green on MCX in line with the firm  trend in Malaysian palm oil prices. Moreover, rise in spot demand from domestic markets coupled with the worries on dip in......

Crude oil futures trade higher on MCX

Crude oil futures traded higher on MCX, as speculators enlarged positions after data showed refinery processing in China, the world's second-largest oil consumer, climbed to a record in 2018, despite a......

Crude oil futures end near 2-month high on Friday

Crude oil futures ended near 2-monht high on Friday, supported by  a report from the Organization of the Petroleum Exporting Countries (OPEC) members that showed the biggest monthly drop in crude......

Top News

View all news

Coromandel International reports 14% fall in Q3 consolidated net profit

Coromandel International has reported results for third quarter ended December 31, 2018.The company has reported a fall of 15.23% in its net profit at Rs 152.67 crore for the quarter under review as compared......

Bajaj Auto planning to foray into electric vehicles next year

Bajaj Auto is planning to foray into electric vehicles (EV) next year, simultaneously with the migration of its conventional engine vehicles to BS-VI emission norms.The company also plans to launch electric......

Inflame Appliances, Lupin and IDBI Bank to see some action today

Inflame Appliances has set up a new facility to produce Electrical Chimneys & its parts, which can be considered as an 'Make in India' initiative as more than 90% Chimneys are imported from China......