ZOID RESEARCH 23-SEP-2014 : CRUDE OIL

Nymex crude oil prices declined around 1 percent in yesterday’s trading session on the back of concerns of slow manufacturing growth in the Chinese economy. The International Energy Agency (IEA) has cut the global oil demand forecast in the earlier month because of weaker growth in China and Europe and projections for 2015 for China has been reduced by around 100,000 barrels a day to 10.6 million barrels. Further, unexpected decline in US home sales data exerted downside pressure on the prices.

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