Crude Oil
WTI oil prices declined by around 4 percent on Wednesday to close at $44.2 per barrel pressured by ample supply and concerns about demand being curbed by slowing economic growth.
Oil futures extended losses as U.S. equities turned lower after the prospect of economic stimulus from China boosted stock markets in Japan and Europe.
Crude oil futures have been under pressure from concerns about swollen inventories, high global production and the increasing likelihood that Iranian barrels will return to export markets even as slowing growth in China threatens demand.
On the MCX, oil prices declined by 2 percent to close at Rs.2989 per barrel
EIA inventory update
The official report on weekly stockpiles, due on Wednesdays from the U.S. Energy Information Administration, will be delayed till Thursday.
Outlook
The fundamentals of the commodity remain bearish with over supplies on one hand and bleak demand on the other hand while concerns over slow growth in China is also denting crude oil demand acting as a negative factor for oil prices.
On the MCX, oil prices are expected to trade lower today.
Contributed by Angel Broking
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