Iran Energy Exchange Opens: Bidder Buys 280,000 Barrels of Oil on Day 1

Crude oil trade commenced on the Iran Energy Exchange on Sunday afternoon as investors competed to buy one million barrels of oil offered by the National Iranian Oil Company. 
According to Securities and Exchange news agency, demand was strong for the black gold in early trading with 10 bids made within the first minutes. The highest bid was $69.82 for a barrel of oil and the lowest $61.85. Later in the day, one bidder bought eight cargos of 35,000 barrels each.
Fars News Agency, which tracked the trading, reported that three buyers were competing with one being a multinational that dropped out later.