The Organization of the Petroleum Exporting Countries has forecast on Tuesday that the world oil demand next year would show a rise of 0.5 million barrels perday after two consecutive years of negative growth, amounting to 84.34 mb/d. For full story, click here
Oil rose for a second day on Wednesday, after an industry group reported U.S. crude stockpiles dropped for the second week in a row and the dollar declined. Oil has climbed 34 percent this year, tracking global equity markets on optimism that an economic recovery will spur demand for fuel. Additional support for crude prices came from the dollar, which fell to the lowest level against the euro since March, bolstering demand for commodities as a hedge against inflation.
Crude oil output growth from deepwater areas may stagnate due to current oil prices make it unprofitable to tap new deposits and large discoveries dwindle. For full story, click here
India’s domestic crude oil product sales in February surged a meagre 0.1 percent from a year earlier, its weakest pace since October, as demand dipped because of the dwindling economy. For full story, click here
Low crude prices are dragging down Nigeria’s growth expectations, foreshadowing a dramatic slowdown in an economy that was teetering even in the good years. For full story, click here
After falling from $147 to $35 per barrel towards the end of last year, crude oil has once again gained and touched $45 per barrel on speculation that China's stimulus plan may spur demand for the commodity near term. However, some experts are of the view that this is not just speculation but real purchases driving the prices up.
The jump was all too clear. A surprise drop in U.S. oil inventories caused crude prices to jump 14 per cent on Thursday, in New York, powering a broad commodities rally that pushed copper and corn higher. The only noticeable drop was in gold, which closed lower for the first time in three days.
Oil prices fell below $57 a barrel as a Bank of England warning about the risk of deflation stoked fears of stagnating global growth. For full story, click here
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