On a weekly basis, Nymex crude oil prices declined around 0.2 percent, on the back of increasing worries over global economic growth which in turn escalated concerns over global oil demand.
This acted as a negative factor for oil prices. However, weakness in the US dollar cushioned sharp decline in oil prices.
As per the International Energy Agency, world crude oil market is well balanced as even if, on one hand, the exports of Iranian crude oil will decline by 300,000 million barrels in the current month on account of sanctions from European Union and US. On the other hand, Saudi Arabia will produce more than its current capacity which is below 10 million barrels per day. Saudi Arabia has a production capacity of 12.5 million barrels a day.
However, MCX Crude Oil April contract gained by more than 3 percent on account of depreciation in the Indian Rupee and closed at Rs5499/bbl last week.
Natural Gas
On a weekly basis, Nymex natural gas prices declined around 2.2 percent on the back of more than expected rise in US natural gas inventories and poor sentiments in the markets. However, further downside in prices was restricted on account of a weaker dollar.
Natural gas prices touched a low of $2.250/mmBtu during the week and closed at $2.273/mmBtu on Friday. On the MCX, gas prices increased almost 0.9 percent on account of a weaker rupee and touched a high of Rs.122/mmBtu last week.
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Crude Oil Weighs Down On Rising Inventories
Published 03/26/2012, 09:29 AM
Updated 05/14/2017, 06:45 AM
Crude Oil Weighs Down On Rising Inventories
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