Crude oil futures declined sharply on Wednesday and settled at one-week low, amid rising concerns about outlook for energy demand due to rising coronavirus infections in India.
Data showing a jump in U.S. crude inventories weighed as well on oil prices.
Traders were also following the developments on the U.S.-Iran nuclear talks. According to reports, the U.S. might consider lifting terror sanctions against Iran’s central bank, its national oil and tanker companies and several key economic sectors including steel, aluminum and others.
West Texas Intermediate Crude oil futures for June ended down $1.32 or about 2.1% at $61.35 a barrel, the lowest close since April 13.
Data released by the Energy Information Administration (EIA) Wednesday morning showed U.S. crude inventories rose by 594,000 barrels in the week to April 16 to 493 million barrels. Analysts had expected inventories to drop by about 3 million barrels.
The American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 436,000 barrels for the week ending April 16, while analysts had predicted a draw of 2.860 million barrels for the week.
Another massive surge in new coronavirus infections in India has raised concerns about energy demand from the world’s second most populous country. India is world’s third biggest oil consumer.
According to data from India’s health ministry on Wednesday, the country saw 295,000 new coronvirus cases in 24 hours.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.