Crude oil dips on sluggish global demand
14/01/2015 12:23
Crude oil prices fell by 0.35 per cent on Wednesday at the domestic markets after the World Bank cut its forecasts for global growth, reinforcing worries of a gloomy economic outlook at a time when oil markets are plagued by oversupply. China’s economic growth forecast for 2015 was slashed to 7.1 per cent from 7.2 per cent earlier, bur that of US was raised to 3.2 per cent from 3 per cent. At the MCX, crude oil futures for January 2015 contract were trading at Rs. 2,816 per barrel, down by 0.35 per cent, after opening at Rs. 2,811 against the previous closing price of Rs. 2,826. It touched the intra-day low of Rs. 2,811 till the trading. (At 11.56 AM today). Further, a report said that US crude oil stockpiles rose last week, signaling weak demand for the fuel in the world’s biggest oil consumer. US crude supplies climbed 3.9 million barrels last week, API said.
14/01/2015 12:23
Crude oil prices fell by 0.35 per cent on Wednesday at the domestic markets after the World Bank cut its forecasts for global growth, reinforcing worries of a gloomy economic outlook at a time when oil markets are plagued by oversupply. China’s economic growth forecast for 2015 was slashed to 7.1 per cent from 7.2 per cent earlier, bur that of US was raised to 3.2 per cent from 3 per cent. At the MCX, crude oil futures for January 2015 contract were trading at Rs. 2,816 per barrel, down by 0.35 per cent, after opening at Rs. 2,811 against the previous closing price of Rs. 2,826. It touched the intra-day low of Rs. 2,811 till the trading. (At 11.56 AM today). Further, a report said that US crude oil stockpiles rose last week, signaling weak demand for the fuel in the world’s biggest oil consumer. US crude supplies climbed 3.9 million barrels last week, API said.
