Crude oil dips on weak demand prospects
13/01/2015 12:13
Crude oil prices fell by 3.04 per cent on Tuesday at the domestic markets ahead of U.S. stocks data and on the back of major downgrades in price forecast by leading banks. Analysts at Goldman Sachs cut their average forecast for Brent in 2015 to $50.40 a barrel from $83.75. They lowered their forecast for U.S. crude to $47.15 a barrel from $73.75, saying it would need to stay near $40 for most of the first half of 2015 before it would hold up shale oil investments. At the MCX, crude oil futures for January 2015 contract were trading at Rs. 2,802 per barrel, down by 3.04 per cent, after opening at Rs. 2,866 against the previous closing price of Rs. 2,890. It touched the intra-day low of Rs. 2,801 till the trading. (At 12.03 PM today).
The American Petroleum Institute will release its estimates of crude, distillate and gasoline stocks in the U.S., to be followed on Wednesday by more closely watched Department of Energy figures on the same items.
13/01/2015 12:13
Crude oil prices fell by 3.04 per cent on Tuesday at the domestic markets ahead of U.S. stocks data and on the back of major downgrades in price forecast by leading banks. Analysts at Goldman Sachs cut their average forecast for Brent in 2015 to $50.40 a barrel from $83.75. They lowered their forecast for U.S. crude to $47.15 a barrel from $73.75, saying it would need to stay near $40 for most of the first half of 2015 before it would hold up shale oil investments. At the MCX, crude oil futures for January 2015 contract were trading at Rs. 2,802 per barrel, down by 3.04 per cent, after opening at Rs. 2,866 against the previous closing price of Rs. 2,890. It touched the intra-day low of Rs. 2,801 till the trading. (At 12.03 PM today).
The American Petroleum Institute will release its estimates of crude, distillate and gasoline stocks in the U.S., to be followed on Wednesday by more closely watched Department of Energy figures on the same items.
