Oil Caps Weekly Drop Amid Shaky Weaker De­mand

The Economic Times - - Finance & Commodities -

Oil had its worst week in a month as com­pli­ance with Opec’s deal fal­ters and the out­look for de­mand wors­ens. Oil just hasn’t been able to stick to the $50 mark in New York even though US crude in­ven­to­ries are at their low­est since Oc­to­ber, in part be­cause re­cent de­clines are seen mostly as the re­sult of sum­mer de­mand that’s soon to fade. OPEC’s rate of com­pli­ance with out­put cuts slid to 75% in July, the low­est since the ac­cord started in Jan­uary, the IEA said.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.