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Energy Preview: Crude Sees Muted Action On Demand Worries
14-Feb-20   08:56 Hrs IST

WTI Crude oil saw choppy moves on demand worries as OPEC noted in a latest monthly update that in 2019, world oil demand growth is revised down by 0.02 mb/d, from last month's assessment; amid weaker-than-expected oil demand growth data from OECD America in most parts of the year. Now, world oil demand is estimated to have grown by 0.91 mb/d and average 99.74 mb/d in 2019. Oil demand growth in 2020 is revised down by 0.23 mb/d from the previous month's assessment. With this, global oil demand is now forecast to grow by 0.99 mb/d and average 100.73 mb/d for 2020, with OECD oil demand growing by 0.01 mb/d in 2020, while non-OECD oil demand is growing by 0.98 mb/d. The outbreak of the Coronavirus in China during 1H20 is the major factor behind this downward revision. WTI Crude currently quotes at $51.47 per barrel, up marginally on the day. MCX Crude oil closed up 0.22% at Rs 3670 per barrel and should see a mixed opening today.

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