Iranian Group I base oil prices plunged during the Muslim fasting month of Ramadan and it is also anticipated that in near term demand sentiments will be bearish while supply will be ample.
As per report, Base oils supply from Iran is expected to be stable with no maintenance plans due over the next few months and that could add further pressure on prices amid the weak demand outlook.
Market players have adopted wait and watch stances before deciding on their next moves for any business dealings.
