Monday, 14 March 2016

Latest Commodity News on Crude Oil & Energ

Crude Oil on MCX settled up 1.65% at 2595 as an upbeat report by the International Energy Agency boosted hopes for a production cut. Oil prices might have bottomed as production declines in the United States and other non-OPEC producers accelerate and an increase in Iranian supply has been less than dramatic, the International Energy Agency said.

Oil prices hit their lowest since 2003, below $30 per barrel, in January on a supply glut stemming from booming U.S. output in recent years and a decision by OPEC to ramp up supply to fight for market share against higher-cost producers.

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