CRUDE oil prices fell to their lowest level in past four years due to
concerns about falling demand with economic slowdown and rising
inventories. Analysts, however, said that correction in oil prices may
not have finished as yet — and prices could further fall in coming few
days. The irony is that despite the Opec announcing a significant cut
in production, the pessimism among market participants continues to
drive the prices down.
An Angel Commodities report says that a supply cut by Opec is not
likely to support oil prices in the short term, as current
macroeconomic data is showing bleak economic outlook. “We believe that
crude oil futures in the short term are likely to fall up to $30 per
barrel levels. Oil prices can trade in the range of $32 and $48 a
barrel,” the report adds.
Subodh Gupta from Anand Rathi Commodities is expecting a lacklustre
movement as most of the market will be in holiday mood. “Overall $30
should act as a good support for crude oil in coming days,” he said.
Earlier, Opec announced to cut down the production by 2.2 million
barrels per day with effect from January but this was offset by the
piling inventories and low demand. Having failed to arrest the fall in
prices, Opec members may meet again later in January to discuss further
reductions.
Even the US Federal Reserve brought the interest rates down to 0% to
turn back a deepening recession. Central banks across the globe are
slashing rates and eyeing policy measures as the global financial
crisis sends many rich countries into recession and slows growth in
China and India.
Supreme Court: Death Penalty awarded to Convicts in Nirbhaya Gangrape Case
Supreme Court : The alimony amount must be befitting the status of the parties
On 17th December, 2020, the Delhi High Court stated that “A promise of marriage cannot be held as an inducement for engaging in sex over a protracted and indefinite period of time”, whilst they di More
Helplinelaw can set up your session with quality and experienced lawyers to discuss and resolve your legal matters. You can avail consultation in form of sending questions, phone call or webchat discussion More