On a weekly basis, Nymex crude oil prices increased by 0.9 percent, taking cues from low temperatures In Europe which created demand expectations for the commodity.
Additionally, supply concerns from Iran still persists which also acted as a supportive factor for crude oil.
Oil prices touched a high of $100.18/bbl during the week and closed at $98.7/bbl on Friday. On the MCX, prices increased by 3.5 percent on account of Rupee depreciation and closed at Rs.4905/bbl after touching a high of Rs.4958/bbl last week.
Crude Oil News
The International Energy Agency (IEA) has cut the global oil demand by less than 1 percent for the year 2012. The agency has cut its demand growth forecast by 250,000 barrels per day (bpd) to 800,000 bpd.
Apart from the cuts in demand forecast, the Organization of the Petroleum Exporting Countries (OPEC) oil supplies increased in January at 30.9 bpd which is highest since October 2008. Also the International Monetary Fund (IMF) economic report expects the world economy to expand at 3.3 percent in 2012 from earlier assumption of 4 percent.
Courtesy: Angel Commodities
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