Wall Street closed low on yesterday, with the Dow Jones index falling 1.14 per-cent to settle down at 16,432. The fall down in US(United States) stocks was led by a drop in mcx crude prices, as international benchmark Brent plunged by over 4 per-cent in overnight trade after Saudi Oil Minister Mr. Ali Al-Naimi ruled out any production cut, saying the kingdom's rationale for maintaining outcome was that the requirement would absorb excess crude that has crushed prices over the previous twenty months.
The International Energy Agency (IEA) on Monday said US shale oil production may drop by 600,000 barrels per day (bpd) current year and another 200,000 bpd in 2017.
Comments by Nigeria, which backed Russia & Saudi Arabia in freezing Mcx oil production, while giving Iran & Iraq a way out to rebound some of their market shares lost due to the western sanctions, had helped an oil rally on Monday.
The International Energy Agency (IEA) on Monday said US shale oil production may drop by 600,000 barrels per day (bpd) current year and another 200,000 bpd in 2017.
Comments by Nigeria, which backed Russia & Saudi Arabia in freezing Mcx oil production, while giving Iran & Iraq a way out to rebound some of their market shares lost due to the western sanctions, had helped an oil rally on Monday.
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