Monday, January 18, 2016

Mcx crude tips : Prices of Oil slides to weakest since 2003 18 Jan

Mcx crude tips : Oil prices strikes today their lowest since 2003 , as the market braced for a jump in Iranian exports after the lifting of sanctions against the country during the weekend.

Iran is ready to increase its crude exports by 500,000 bpd, its deputy oil minister told on yesterday.

U.S. crude went down by 27 cents at $29.15 a barrel, after striking a 2003-low of $28.36 earlier in the session.

The prices of crude oil price rout is also hurting stock markets, with Asian shares set to decline to near their 2011 troughs today, stoking further worries about a world wide economic downturn.