Oil nears 6-1/2 year lows as China economy fears linger

Crude oil futures dipped on Wednesday on fears of a hard landing for China’s economy despite central bank moves to bolster stumbling growth and concerns about a supply glut.

Brent lost 10 cents to $43.11 a barrel as of 0110 GMT after it settled up 52 cents at $43.21 a barrel in the previous session.

US October crude fell 20 cents to $39.11 a barrel, after finishing the previous session $1.07 higher at $39.31.

US crude stocks fell by 7.3 million barrels in the week to Aug. 21 to 449.3 million, compared with analysts’ expectations for an increase of 1 million barrels as refinery runs increased, data from industry group the American Petroleum Institute showed on Tuesday.

Iran will ramp up crude oil production and reclaim its lost share of exports shortly after international sanctions on the OPEC member are lifted, Iran’s oil minister Bijan Zanganeh said on Tuesday.

Nigeria plans to export a total of at least 2.04 million barrels per day (bpd) of crude oil in October, the highest level this year, according to provisional loading programmes.

For more information ✆ – 0731-6642300 or Visit http://ift.tt/1k8NnLH

Stock Tips

Commodity Tips

Forex Tips

Derivatives Tips

NCDEX Tips

Connect with our social media sites

Facebook

Twitter

YouTube

Pinterest

Linkedin

Google+

Posted in: Indian Market Tips