Tuesday, 15 March 2016

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World oil prices fell further today on doubts over a consensus between producer nations to limit output in an oversupplied market, dealers said.

 At around 1700 GMT (2230 IST), US benchmark West Texas Intermediate (WTI) for delivery in April dived USD 1.71 to USD 36.79 per barrel. 

Brent North Sea crude for May delivery sank USD 01.27 to USD 39.12 a barrel compared with Friday's close. Oil had rallied Friday after the International Energy Agency said that after the market's 20-month long rout, there were signs prices may have "bottomed out".

 However, prices hit reverse gear today after Iran reportedly announced over the weekend that it would not join a proposed output freeze by crude producers.


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