The crude oil prices are trading weak as the US softened its stance on the sanctions on Iran.

The market is looking at a percentage point off in the international markets and the Indian crude oil prices are also reacting to it.

The Energy Information Administration (EIA) report said that the US output will continue to increase and they will become the world' s leading producer of crude oil if the output remains the current momentum. It has increased by 35 percent in the last two years and is expected to hit 11.4 million barrel in 2019.

First Published:Jul 11, 2018 11:41 AM IST