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Oil prices under renewed selling pressure - Rabobank

FXStreet (Delhi) – Research Team at Rabobank, suggests that oil is struggling to hold its 2-week gains and has slid below USD 34 per barrel today well below Monday’s high at USD 36.25.

Key Quotes

“Commodity based currencies are again under pressure with the ruble falling 1.5% against the US dollar and 1.7% vs. the euro in the early hours of trading. While the market remains sensitive to any fresh rumours regarding potential output cuts, the Energy Information Administration weekly report due Wednesday is expected to show further increase in inventories, according to a Bloomberg survey.

In the meantime, Standard & Poor’s downgraded Royal Dutch Shell Plc by one notch to A+ and placed it on watch for another possible reduction. The S&P’s also warned that most oil companies will not be able to offset the 52% average price fall in 2015 by cutting cost and spending. Consequently, the ratings agency sees “significant likelihood” of one notch downgrades for several European oil companies.”

Iran targeting 2.3mbpd of oil exports this fiscal year – Shana news

As per Shana news report, the managing director of the National Iranian Oil Company (NIOC) said Iran is targeting export of 2.3 million barrels of crude oil a day for next year (starting March 21) and has put the figure in the draft budget bill.
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Brent hits fresh session low on Iran supply news

Brent prices fell to a new session low of USD 32.68/barrel after Shana news reported that Iran plans to boost its exports at a higher rate than widely expected.
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