Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


IMF Lowers Growth Projections, Crude Oil Reacts Negatively

January 23, 2013 at 20:07 by Vladimir Vyun

Futures on WTI crude oil declined today as the International Monetary Fund revised its projections for global growth downwardly and as US inventories probably have expanded last week. At the same time, the Brent grade of crude managed to gain.

The IMF revised its estimate for growth of the global economy in 2013 down by 0.1 percentage point to 3.5 percent. Moreover, Europe’s economy is expected to fall 0.2 percent instead of growing 0.2 percent as was predicted in the previous World Economic Outlook.

Analysts estimated that US crude oil inventories rose 2.8 million barrels last week. The government data will be released tomorrow. Stockpiles declined 1 million barrels in the week before.

March futures for delivery of WTI crude oil declined $1.34 (1.43 percent) to $95.30 per barrel as of 19:52 GMT on NYMEX today. Contract for delivery of Brent crude advanced $0.48 (0.43 percent) to $110.61 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

Leave a Reply