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Principale » Crude palm oil futures up by 0.28%

Crude palm oil futures up by 0.28%

15 Novembre 2017

Brent Crude Oil price at London's IСE Stock Exchange down by 2.46% to $61.43 per barrel.

-December light, sweet crude on the New York Mercantile Exchange was recently down 1% at $55.13 a barrel in the Globex training session. The fall can be attributed to rising USA oil output and a weak global demand outlook based on International Energy Agency (IEA) report.

Crude palm oil prices were up by 0.28 per cent to Rs 562.40 per 10 kg in futures trade today as speculators created more bets, driven by a firm demand at the spot market.

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Crude prices came under pressure after the EIA revealed a somewhat downbeat outlook for oil demand in its monthly report, forecasting weakness in global demand growth, while warning that global oil markets will be oversupplied through the second quarter of 2018.

In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November previous year.

Crude palm oil futures up by 0.28%