IMF’s downgrade of its global economic forecasts weighed on crude oil prices amidst concerns that the oversupply condition would be aggravated. Iran’s warning that crude oil price could fall to US$25/bbl without OPEC’s output cuts damped sentiment further. The front-month contract for WTI crude oil fell to as low as 45.89 before ending the day at 46.39, down -4.73%.
Read more:
IMF’s Downgrade Sent Crude Prices Even Lower
Leave a Reply
You must be logged in to post a comment.