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Crude Oil to Edge Lower on Global Economic Outlook

Published 10/21/2011, 09:18 AM
Updated 05/14/2017, 06:45 AM
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Nymex crude oil declined by 0.9 percent and closed at $85.3/bbl yesterday, on the back of mixed market sentiments due to global economic uncertainty which has threatened demand for oil.

On the MCX, oil prices declined by 1.1 percent and closed at Rs.4291/bbl after touching an intra-day low of Rs.4238/bbl on Thursday.

Natural Gas

Nymex natural gas prices increased around 0.7 percent on Thursday, taking cues from less than expected rise in inventories coupled with expectations of rise in demand from cold countries for heating purpose. Prices touched an intra-day high of $3.724/mmBtu and closed at $3.621/mmBtu yesterday. On the MCX, prices gained sharply by 2.3 percent on account of Rupee depreciation and closed at Rs.182.6/mmBtu on Thursday.

Natural gas inventory data

US Energy Information Administration (EIA) released its weekly inventories and natural gas inventory has increased less than expected by 103 billion cubic feet (bcf) for the week ending 14th October.

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