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  • Pre Session Commentary - Detailed News

Energy Preview: Crude Melts, MCX Futures Crash 6%
21-Nov-18   10:14 Hrs IST

Crude Oil futures plunged nearly 7% yesterday to test fresh 13 month lows. The counter had gained for previous four sessions but saw an overwhelming amount of selling pressure yesterday. Global markets stayed slippery amid broad selling pressure in tech market. The investors are worried about the US China trade spat and persistent signs of slowing economic growth. DOW crashed nearly 550 points and the WTI Crude futures currently trade at $54.15 per barrel, up more than a percent on bargain buying. MCX Crude crashed 6% to close at Rs 3826 per barrel as sentiments turned around drastically after the slide under Rs 4000 levels.

Oil has endured heavy damage on demand concerns and is down around 30% from its recent four year high. Oil producing cartel OPEC yet again trimmed its forecast for 2019 oil demand growth and also cut its global economic growth view. In a latest update, the OPEC stated that world oil demand growth is forecast to grow by 1.29m barrels a day next year, which is around 70,000 b/d lower than last month's prediction. It expects demand for the cartel's crude to stand at 31.5m b/d next year, which is 300,000 b/d less than estimated last month. OPEC also cut global economic growth estimate in 2019 to 3.5% from 3.6%.

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