Petroleum futures traded lower on Friday early morning as the oil market report by the IEA (International Energy Firm) suggested a decrease in worldwide oil need throughout 2024.
At 9.57 am on Friday, April Brent oil futures were at $82.75, down by 0.13 percent, and March petroleum futures on WTI (West Texas Intermediate) were at $78.06, up by 0.04 percent.
February petroleum futures were trading at 6,480 on the Multi Product Exchange (MCX) throughout preliminary trading, versus the previous close of 6,483, down by 0.05 percent, and March futures were trading at 6,448, as versus the previous close of 6,458, down by 0.15 percent.
Alleviate in yearly gains.
IEA’s February oil market report stated worldwide need development is losing momentum, with yearly gains reducing from 2.8 million barrels-a-day in the 3rd quarter of 2023 to 1.8 million barrels-a-day in the 4th quarter of 2023. A sharp drop in China underpinned an 830,000 barrels-a-day decrease in worldwide oil need to 102.1 million barrels a day in the last quarter of 2023.
” The rate of growth is set to slow down more to 1.2 million barrels-a-day in 2024, compared to 2.3 million barrels-a-day in 2015. China, India and Brazil will continue to control gains,” the report stated.
World oil supply published a sharp decrease of 1.4 million barrels-a-day month-on-month in January after an Arctic blast shut production in The United States and Canada and as OPEC (Company of the Petroleum Exporting Countries) and its allies, referred to as the OPEC+, deepened output cuts.
The report stated record output from the United States, Brazil, Guyana and Canada will assist increase non-OPEC+ supply by 1.6 million barrels every year.
Mentha oil tops 900, kapas gains.
Most current GDP (gdp) information revealed Japan and the UK, 2 of the significant worldwide economies, got in a technical economic downturn in the 4th quarter of 2023. This advancement produced apprehensions over the need for petroleum worldwide market.
February mentha oil futures were trading at 901.90 on MCX, versus the previous close of 898.70, up by 0.36 percent.
On the National Commodities and Derivatives Exchange (NCDEX), March cottonseed oilcake agreements were trading at 2,540, versus the previous close of 2,534, up by 0.24 percent.
April kapas futures were trading at 1,544 on NCDEX, versus the previous close of 1,546, down by 0.13 percent.
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