Crude oil will touch $30 a barrel

Iran's oil minister said he considered the "real price" for a barrel of crude should be more than $100 and a senior Iranian official said OPEC needed to cut oversupply from the market, Iranian media reported on Saturday.
Saudi Arabia has said $75 a barrel was a fair price, comments echoed by an Iranian official this month. Other officials in the Organisation of the Petroleum Exporting Countries have said OPEC states needed $70 to $80 a barrel.
International oil prices , meanwhile, are now more than $100 below their July peak, trading around $46 on Friday.
GOLDMAN Sachs Group Inc. expects US crude oil futures to fall to $30 a barrel in the first quarter as the global recession cuts demand.

The Organization of Petroleum Exporting Countries(OPEC) would need to reduce output by an extra two million barrels a day in 2009, combined with a 600,000 barrel-a-day cut by non-Opec producers, to “rebalance” the oil market, Goldman said in a note dated Thursday.

“Oil demand growth in the United States and the OECD countries has fallen to recessionary levels in 2008,” the report says.

Indian stock market status

Indian stock market in in downtrend only after US recession,crude oil prices etc.... nowadays in indian stock market volatality is continuing only limited FII's are participating in indian stock market because of the weakness in the the global markets. for the past few days only crude oil prices went down continuously and now settled at around $114/barrel.In some part of india i.e in outskrits of chennai doesn't have petrol and diesel for more than three days. one more important news is also there because of the Reserve Bank of India move on CRR hike all the banks including both private and PSU banks have increased their interest rates for both loans and investment.