Crude oil falls more than 1% on Monday
The Dollar Business Bureau Crude oil prices fell more than 1% on Monday as investors accumulated profits after three weeks of gains. Early Monday, Brent crude was trading at $44.61/ barrel, down 1.1%, or 50 cents. The International Energy Agency (IEA) predicts crude oil prices to gradually pick up in 2018, but only after oil output in China, Colombia, Mexico, Russia and the US reset the global supply and demand prospects. The IEA forecasts oil demand growth to be around 1.2 million barrels in 2016, a rise in more than 33% slump from over 1.8 million-barrels-a-day expansion in 2015. "Fundamentals remain bearish and are set to deteriorate further, especially if prices move higher," Morgan Stanley said in a statement. "Still-elevated inventory levels, the return of ...
Stocks fall worldwide on oil price drop
Stocks fell around the world on Wednesday, impacting majorly the Asian markets, as the price of crude declined on the news that the three-day strike by oil workers in Kuwait ended, suddenly leaving the markets directionless. As concerns about oversupply of oil in the market returned to the forefront, prices of Brent crude and US crude oil futures slumped. Reversing Tuesday’s sharp gains, Brent crude fell by $1.12 to $42.91 a barrel, whereas US crude oil was down $1.09 to $39.99. The concerns over Chinese economy also resurfaced as Shanghai Stock Exchange slid 3.8 percent, with almost all the sectors from telecoms to financials witnessing a slide. The depressing mood of the market also reflected due to 0.3 percent fall in S&P 500 EMINI ...
Indias crude import bill to fall further to 45% in FY'16
Domestic consumption of petroleum products have gone up, largely due to lower fuel prices, gradually-picking up economic activity and higher car sales during the current financial year The Dollar Business Bureau The Indian crude basket averaged $28.08 a billion in January 2016 as compared to $35.68 a billion during the previous month. Amid the ongoing descend in global oil prices, Indias import bill of crude oil is projected to come down by 45%, said the Petroleum Planning & Analysis Cell (PPAC) in its monthly report. The import bill of crude oil is estimated to reduce by 45% from $113 billion in 2014-15 to $62 billion in 2015-16 making the Indian basket crude oil price of $35 per barrel and Rs.67 for the balance ...
