LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Brent trades below $75 as Iran signals support for small OPEC supply increase

Brent crude futures , the international benchmark for oil prices, were at $74.55 per barrel at 0040 GMT, down 19 cents, or 0.3 percent, from their last close.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Brent trades below $75 as Iran signals support for small OPEC supply increase
U.S. West Texas Intermediate (WTI) crude futures were at $65.63 a barrel, down 8 cents. Image source: Reuters
Written By: Reuters
Updated: Thu, Jun 21, 2018
09:57 am
Reuters
RELATED NEWS
Make in India boost, oil cess may be halved Make in India boost, oil cess may be halved
Oil prices edge lower amid doubts over OPEC cuts Oil prices edge lower amid doubts over OPEC cuts
Oil prices edge down; eyes on data amid trade deal hopes Oil prices edge down; eyes on data amid trade deal hopes
Oil prices drop after three-day rally amid economic growth concerns Oil prices drop after three-day rally amid economic growth concerns
Oil prices rebound on lower output from US, Russia, OPEC Oil prices rebound on lower output from US, Russia, OPEC

Oil prices dipped on Thursday as Iran signalled it could be won over to a small rise in OPEC crude output, likely paving the road for the producer cartel to agree a supply increase during a meeting on June 22.

However, prices were prevented from falling further by record refinery runs in the United States and a large decline in U.S. crude inventories, a sign of strong fuel demand in the world`s biggest economy.

Brent crude futures , the international benchmark for oil prices, were at $74.55 per barrel at 0040 GMT, down 19 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $65.63 a barrel, down 8 cents.

Iran, a major supplier within the producer cartel of the Organization of the Petroleum Exporting Countries (OPEC), signalled on Wednesday it could agree on a small increase in the group`s output during a meeting at OPEC`s headquarters in Vienna on June 22.

"There appears to be an air of confidence that this deal will move through," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore.

Tehran had previously resisted pressure by OPEC`s de-facto leader Saudi Arabia to raise output.

OPEC, together with other key producers including Russia, started withholding output in 2017 to prop up prices, but a tightening market in 2018 led to calls by major consumers for more supplies.

In a sign of strong demand, U.S. refineries processed a seasonal record of 17.7 million barrels per day (bpd) of crude oil last week, according to data from the Energy Information Administration (EIA) said on Wednesday.

WATCH THIS ZEE BUSINESS VIDEO HERE:

Amid strong consumption, commercial U.S. crude inventories dropped by 5.9 million barrels in the week to June 15, to 426.53 million barrels , the EIA said.

U.S. crude oil production was flat week-on-week, remaining at a record 10.9 million bpd.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
oil pricesOPEC crude output
RELATED NEWS
Make in India boost, oil cess may be halved Make in India boost, oil cess may be halved
Oil prices edge lower amid doubts over OPEC cuts Oil prices edge lower amid doubts over OPEC cuts
Oil prices edge down; eyes on data amid trade deal hopes Oil prices edge down; eyes on data amid trade deal hopes
Oil prices drop after three-day rally amid economic growth concerns Oil prices drop after three-day rally amid economic growth concerns
Oil prices rebound on lower output from US, Russia, OPEC Oil prices rebound on lower output from US, Russia, OPEC

LATEST NEWS

Karnataka SSLC Exam 2021: Board releases new date sheet; exams to start from 21 June; See subject-wise timetable HERE!

West Bengal, Assam Assembly elections 2021: After TMC, BJP likely to release candidates lists today

Reliance Jio low-cost laptop 'JioBook' that runs on Android coming soon; Here's all you need to know

In chat with Anil Singhvi, analyst Vikas Sethi picks Kotak Bank, RIL as top buys for big returns

Ind vs Eng Test: Rishabh Pant's flamboyant hundred puts India on top against England

7th Pay Commission latest news today: Big Holi gift for Central government employees! Center issues this notification on 7th CPC leave rule

PPF Calculator: You can double Public Provident Fund income and save income tax outgo - you will need this help

7th Pay Commission: Central Government Employees' Dearness Allowance (DA) to become 25 pct from April 2021?

Trinamool candidate list 2021: Over 20 MLAs, ministers dropped from TMC candidacy for upcoming Assembly polls

Gold Price Outlook – Gold, Silver prices may see further fall next week; expert tells what to do to maximise gains

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved