ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Web Stories
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • IPL 2023
    • Karnataka Elections 2023
    • Viral
    • Education
    • Jobs
Read in App
Business News » World News

Oil prices drop after three-day rally amid economic growth concerns

Oil prices declined on Friday after three straight days of gains, as gloomy economic growth forecasts renewed concerns over the outlook for demand. Brent crude was down 36 cents, or 0.6%, at $61.31 by 0318 GMT. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Oil prices drop after three-day rally amid economic growth concerns
Having risen nearly 1% on Thursday, the global benchmark was still set for a weekly gain of more than 3%. Image source: Reuters

Oil prices declined on Friday after three straight days of gains, as gloomy economic growth forecasts renewed concerns over the outlook for demand. Brent crude was down 36 cents, or 0.6%, at $61.31 by 0318 GMT. Having risen nearly 1% on Thursday, the global benchmark was still set for a weekly gain of more than 3%.

West Texas Intermediate (WTI) crude was down 35 cents, or 0.6%, at $55.88. The U.S. benchmark rose 0.5% in the previous session and was on track for a weekly gain of 4%. The strong weekly rise was underpinned by a surprise decline in U.S. inventories of crude and optimism about more efforts to support prices by OPEC and its allies.

Yet, concerns over weakening economic growth remained the fundamental driver for prices. "Slowing global activity will see demand drop, so the reality is that oil rallies will be limited," said Jeffrey Halley, senior market analyst at OANDA. "It won`t take much too pull the rug out from under oil`s feet."
Economists in a Reuters poll said a steeper decline in global economic growth remains more likely than a synchronised recovery, even as multiple central banks dole out rounds of monetary easing.

Reuters Poll: 2020 economic growth forecast revisions from July survey https://tmsnrt.rs/2qJgdkp Another Reuters poll of economists found the recent truce in the U.S.-China trade war is not an economic turning point and has done nothing to reduce the risk that the United States could slip into recession in the next two years.

"The recent slowdown in U.S. data has resurrected talk of U.S. growth `catching down` to the rest of the world," said RBC Capital Markets in a note to clients. There was also more bad news for European powerhouse Germany, with a survey showing employment in the nation`s private sector fell for the first time in six years in October, suggesting that a third-quarter slowdown could stretch into the closing months of the year.

Thursday`s oil price rally was driven by data showing U.S. inventories dropped by 1.7 million barrels last week, shattering analysts` expectations for an increase of 2.2 million barrels. Adding further support to prices, Organization of the Petroleum Exporting Countries (OPEC) officials said extended supply curbs are an option to offset the weaker demand outlook in 2020. Saudi Arabia, OPEC`s de facto leader, wants to focus first on boosting adherence to the group`s production-reduction pact with Russia and other non-members, an alliance known as OPEC+, before committing to more cuts, sources told Reuters.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
oil pricesCrude Oil
Written By: Reuters
Updated: Fri, Oct 25, 2019
09:39 am
Reuters
RELATED NEWS
Oil prices slide on uncertainty over global economic outlook, rate hikes Oil prices slide on uncertainty over global economic outlook, rate hikes
Brent crude falls below $75 per barrel for first time since 2021 Brent crude falls below $75 per barrel for first time since 2021
Oil rises to over $80 per barrel  as dollar slumps on slowing inflation Oil rises to over $80 per barrel as dollar slumps on slowing inflation
Foreign investors inflows hit 20-month high of Rs 51,200 cr in August amid improving risk and stable crude oil prices Foreign investors inflows hit 20-month high of Rs 51,200 cr in August amid improving risk and stable crude oil prices
"It is our moral duty to ensure best deal, India can't afford higher oil prices..." EAM Jaishankar on importing Russian oil

LATEST NEWS

Airbnb sues New York City over short-term rental restrictions

Amazon Web Services, India & South Asia head, Puneet Chandok, steps down: Report

BRICS pitches for using local currencies in international trade

Virat Kohli, Anushka Sharma to attend Emirates FA Cup final at Wembley on Saturday

Honda Racing India announces riders for Honda India Talent Cup NSF250R

Paytm Payments Bank tops with almost 40% market share among merchant acquiring banks

May records highest domestic traffic, more than 4 lakh passengers took flights daily

Telangana state formation day to be celebrated at Golconda Fort, says Union Culture Ministry

Deva Snana Purnima 2023: Date, rituals, and significance of Lord Jagannath Puri

Apple WWDC 2023: iOS 17, VR Headset, 'several' Macs expected

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. Indiadotcom Digital Private Limited. All Rights Reserved.
LIVE TV