On a weekly basis, Nymex crude oil prices declined by 0.5 percent taking cues from slowdown in Chinese economic growth in last eleven years and on rising speculation that talks between Iran and US may reduce supply worries.
However, a sharp fall in US gasoline and distillate inventories along with a weaker Dollar Index cushioned further decline in oil prices last week.
Crude oil touched a low of $100.68/bbl and closed at $102.84/bbl last week. On the MCX, prices gained by 0.6 percent on account of depreciation in the Indian rupee and closed at Rs.5,314/bbl on Friday after touching a high of Rs.5,345/bbl during the week.
News
The first international talks with Iran on its nuclear talks took place after 15 months and produced a promise for meeting in May to avoid military strikes.
Iran and United Nation Security Council members who include US, Britain, China, France, and Russia along with Germany will meet Iran’s delegates in Baghdad on 23rd May 2012 for further constructive talks.
While the talks on Saturday didn’t yield any fruitful decisions which means Iran will continue to engage in its nuclear program. From the intra-day perspective, we expect crude oil prices to trade lower on the back of strength in the US Dollar Index and poor market sentiments.
Rising concerns over slowdown in China has increased the demand worries for the commodity which will also act as a negative factor for oil prices. Natural gas prices are also expected to trade lower today.
However, depreciation in the Indian rupee will cushion further decline on the MCX.
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Crude Oil Weakens On China Data, Easing Iran Supply Worry: April 16, 2012
Published 04/16/2012, 08:39 AM
Updated 05/14/2017, 06:45 AM
Crude Oil Weakens On China Data, Easing Iran Supply Worry: April 16, 2012
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