homevideos Newsmarket Newscommodities NewsStrong US dollar and weak global demand drag crude oil prices to a 2 week low
Strong US dollar and weak global demand drag crude oil prices to a 2-week low
Crude oil prices are trading at 2-week low levels. Even after the prices were down 3 percent on Tuesday and 6 percent on Monday, the Asian markets have seen some buying coming.
Crude oil prices are trading at 2-week low levels. Even after the prices were down 3 percent on Tuesday and 6 percent on Monday, the Asian markets have seen some buying coming.
The strength in the US dollar and the weak global demand continue to weigh and the markets also are reacting to the US inventories, which increased.
The Europe refiners and oil products stock, while at 1 billion barrels per day levels, is still 10 percent lower on a year-on-year (YoY) basis.
Also Read:
Markets are looking at European Union (EU) and Japan which have agreed to pay some but the Street is still awaiting the timeline details.
According to Energy Information Administration (EIA), the US crude production for this year is expected to be lower than what they had estimated earlier. So it has been revised down from 12 million barrels per day to 11.9 million barrels per day.
It is going to be a choppy move continuing for the crude oil prices especially ahead of the US inflation data which will be released today.
Watch the accompanying video for more details.
First Published: May 11, 2022 8:37 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
West Bengal Lok Sabha elections: Abhishek Banerjee to Mahua Moitra, a look at TMC's candidates
Apr 19, 2024 6:14 PM
Chhattisgarh Lok Sabha elections 2024: Bhupesh Baghel among the list of Congress candidates
Apr 19, 2024 3:45 PM
Chhattisgarh Lok Sabha elections 2024: Full list of BJP candidates
Apr 19, 2024 1:46 PM
Election Commission: Nearly 60% polling till 5 pm in phase one of Lok Sabha polls
Apr 19, 2024 12:56 PM