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Crude Oil Drops On Bearish Global Demand

Crude Oil Drops On Bearish Global Demand

Crude oil prices fell by 0.05 per cent on Wednesday after New York Federal Reserve’s index of manufacturing conditions contracted for the seventh straight month in February signaling weak sentiment in the region which reduced the demand outlook for the fuel. Federal Reserve Bank of New York said that its general business conditions index improved to -16.6 this month from a reading of -19.4 in January. At the MCX, crude oil futures for February 2016 contract were trading at Rs. 1,991 per barrel, down by 0.05 per cent, after opening at Rs. 2,000 against the previous closing price of Rs. 1,991. It touched the intra-day low of Rs. 1,991 till the trading. Sentiment weakened further after German economic sentiment deteriorated to the lowest level since October 2014 in February, as the recent selloff in global equity markets weighed. ZEW Centre for Economic Research said that its index of German economic sentiment declined by 9.2 points to 1.0 this month from January’s reading of 10.2.

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