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Over supply affects oil trading
Posted on: 25/Feb/2016 11:42:30 AM
The price of crude oil went down due to downward pressure from global overproduction. Strong US demand of gasoline was also a factor.
According to a leading bank, A slowing global economy would grow by just 2.5 percent this year compared to a previous forecast of 2.7 percent, also weighed on Brent. Global growth prospects are worsening further, with deterioration across advanced economies alongside previous weakness in emerging markets.
Brent crude traded at $34.17 for a barrel. This is 24 cents down from its last close. West Texas Intermediate (WTI) went down to $31.99 for a barrel, down 16 cents.
Another leading bank said that strong gasoline demand led to a stock decline.
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