Prices are sustainable and not just driven by speculative gains
Soaring output has left the world awash with cheap crude as supply exceeds demand by 1 million to 2 million barrels per day
Oil prices have already fallen over 70 per cent since the downturn began in mid-2014.
'China's economy continues to slow and the US Fed may still hike rates before the end of the year.'
Oil prices dipped on Wednesday as the market prepared for a gradual increase of Iranian exports into an already oversupplied market from 2016.
oil market remained under pressure and big gains are unlikely.
US crude was down 25 cents at $52.08.
The falls meant that both crude futures were at their lowest levels since mid-April
Rising production from OPEC as well as the US also weighing on prices
Oil prices continued their rout on Tuesday with Brent crude and U.S. WTI both falling to their lowest in almost six years as a big OPEC producer stood by the group's decision not to cut output to tackle a glut in the market.
© 2025 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances