Crude Oil Steady After Monday's Sell Off

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, July 7, 2015, 11:35 [IST]

Crude oil prices stabilized after a sharp fall seen on Monday on fears that Greece would exit the Eurozone. Brent Crude which had fallen as much as 5 per cent on Monday was marginally up by 1 dollar at 57 dollars a barrel.

Traders say that crude oil may continue to see pressure in the near term the possibility of it rising over $70 per barrel is ruled out, given the likely supply from Iran in 2016.

Also, there is unlikely to be any robust demand from across the globe and Chinese demand sentiments is also likely to weigh on prices.

A fall in Brent crude is good news for countries like India, which heavily import crude oil.

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