COMMODITIES

More US drilling is expected after the government announced its approval of limited crude oil sales to Mexico.

US is working hard to address domestic oil glut caused by its shale boom.

Iran will discuss its new oil contract models and 45 oil and gas projects including oil and gas exploration with international oil companies at December conference.

Brent oil was at its lowest since January as Opec output hit a recent high in July

The cuts in spending and the increased M&A activity in the market can be attributed to the falling oil price.

Gold prices closed at $1,085.50 per ounce on 24 July, down 0.79% or $8.60, on Comex.

Bullion is trading down 1.11% at 1,091.20 per ounce on Comex as at 6.51am GMT.

Brent Crude fell by 1.52% after marathon talks by P5+1 officials resulted in a deal for Iran.

Demand would decline in 2016 while supply from Opec producers projected to remain at high levels.

Australia's S&P/ASX, Japan's Nikkei and Hong Kong's Hang Seng all decline.

WTI crude for delivery in August fell 1.19% at $58.76 per barrel, while Brent crude was trading down 0.83% at $63.06.

The number of US rigs actively drilling for oil has dropped for 27 successive weeks.

Gold prices to take their cues from developments in Greece and from Fed speak on US interest rates.

Analysts warn that worst may not be over, given the robust stock markets and the likelihood of higher US interest rates.

In Norway, petrol prices are 26% higher than that in the UK, where price per litre is £1.21.

Break of current resistance will open doors to new multi-month highs.

Shale oil boom in US is expected to come to halt amid oil price cartel Opec's unchanged production target.

WTI crude fell 0.83% to $58.64 per barrel, while Brent crude for July fell 0.68% to $62.88 as at 1.10am ET.

Capital Economics believes that Brent is "now back within a whisker" of its end-2015 forecast of $60 per barrel.

Oil hit its lowest price in six years in January, $45 a barrel, but has since climbed up to trading near $62.

With its ever-increasing oil demand, India is expected to become prime customer for Opec members.

Hasan Qabazard says Brent crude will trade between $40 to $50 a barrel in the fourth-quarter of 2015.

Commerzbank expects that Opec will confirm its production target of 30 million barrels per day on 5 June.

Petrobras is the operator and has a 75% stake in the prospect, with India's ONGC holding 25%.

BP, Exxon, Statoil and Chevron also to discuss push to gas.

Market watchers now await oil cartel Opec's output decision, due out on 5 June.

Bullion market awaits interest rate decisions of BoE and ECB as well as US job data.

Russia's economy could contract by 3.3% this year, reveals a Reuters poll of 15 analysts.

Ukraine, battling separatists and bondholders, has also been hit by the oil rout and international sanctions on Russia.