Oil rises amid speculations of Iran to cut output
ecPulse
2014-11-24 10:15AM UTC
Oil prices inched higher after consolidating in early Asia trade on Monday, amid optimism that China will cut interest rates for the first time in more than two years. China is the world`s second largest oil consumer after the U.S. and has been the engine of strengthening demand. Oil prices were boosted also by Iran’s desire to reduce production ceiling during the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) on the 27 th in Vienna. This came amid conflicting speculations of OPEC’s decision, despite the escalating indicators to take action to curb the continuing fall in prices, and the only solution would be reducing production ceiling. Crude oil for delivery in January traded flat at $76.52 a barrel.
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