Over a period of past months, investors are not very optimistic about crude prices that have slumped by almost half.
Money managers are of the view that prices of crude oil will see an upsurge going forward. Although, in the past the commodity has seen a 49 percent fall.
Exchange tariff between China and the U.S. is one of the factors that have weakened the global growth. It has thereby hurt the energy demand. With this, technical indicators have also pointed decline in prices of the commodity globally, And can be seen during live mcx sessions in next few days.
As per sources, Saudi Arabia formally put the initial public offering of the oil company – of the state – on hold.
In the domestic market, Press Trust of India said that diesel and petrol will now come under the purview of Goods and Services Tax (GST) in the near future. This is because neither the Central government nor even the states have been favor of heavy revenue loss.