Friday, 12 February 2016
Live Mcx Market News On Crude oil
SEE MORE MCX TIPS UPDATE VISIT US www.marketmagnify.com/bullion-tips.php
Crude oil futures sank almost 3 per cent in the domestic market on Thursday, hitting the lowest level since 2003 overseas as investors continue to shun the energy commodity amidst fears that last week’s surprise dip of 754,000 barrels in US storage levels won’t be enough to counter a growing supply glut amid rising OPEC production, and signs of slowing global demand growth.
While the IEA this week warned that oversupplies in the oil market may persist for several more months, the OPEC lowered its forecasts for global crude oil demand growth in 2016, as recessions in Brazil and Russia curb consumer spending.