Crude Oil futures ended lower in the domestic market

Crude Oil futures ended lower in the domestic market on Tuesday after the West and Iran reached an agreement at Vienna to curb Iran’s nuclear program, paving the way for a lift-off of approval against the Islamic nation,confessing it to upgrade its crude oil shipments, agitate a global inventory glut. According to publish reports, expert from Iran, and six world powers including the china, us, france, braitan, Russia and germany have reached an agreement to curb Iran’s contend nuclear program. Oil cracked amidst consideration that Iran may double its oil shipments immediately after sanctions are lifted, flooding markets with even more crude. Sentiment weakened further after German economic sentiment deteriorated to the lowest level in eight months in July, as interest over Greece's debt crisis weighed which reduced the demand outlook for the fuel. The ZEW Centre for Economic Research said that its index of German economic sentiment fell by 1.8 points to 29.7 this month from June’s reading of 31.5. Analysts had expected the index to drop by 2.5 points to 29.0 in July. Oil may trade on a subdued note today amid ongoing talks between Iran and the West. At the MCX, Crude oil futures, for the July 2015 contract, closed at Rs 3,347 per barrel, down by 0.09 per cent, after opening at Rs 3,340, against the previous close amount of Rs 3,350. It touched an intraday low of Rs 3,235.

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