Is it world bank forecast on crude oil price is true?

Commodities MCX

This week commodity market Gold, Silver and Crude Oil futures contracts closed with gains as follows:

GOLD 10 g” (99.9 Pure)

  • In the commodity market last week Gold February 2019 futures contract closed at ₹31,456 with the aggregate loss of ₹142.
  • In current week Gold Feb futures contract opens at ₹31,529 on Monday
  • Gold highest gain ₹260 on Wednesday
  • Gold highest loss ₹121 on Friday
  • Week last day of the trading Gold closed at ₹31,928 with the aggregate gain of ₹472

SILVER (1 KG)

  • Coming to the Silver, last week March 2019 futures contract closed at ₹39,173 with the aggregate gain of ₹467.
  • This week Silver futures contract opens at ₹39,224 on Monday
  • Silver highest gain ₹184 on Tuesday
  • Silver highest loss ₹236 on Thursday
  • Week last day of the Silver closed at ₹39,336 with the aggregate gain of ₹163

 

CRUDE OIL (1 BBL)

This year, oil demand growth is expected to stay robust, but expected slowdown in emerging market and developing economies “could have a greater impact on oil demand than expected,” the World Bank said. The outlook for the supply-side is also uncertain as it largely hinges on OPEC and allies’ decisions about production levels, especially after the first half of 2019, according to the bank.

“Oil prices are expected to average $67/bbl in 2019 and 2020, $2/bbl lower than June projections; however, uncertainty around the forecast is high,” the World Bank said in its January 2019 Global Economic Prospects report. The other key uncertainties about oil prices will be the impact of the U.S. sanctions on Iran when the waivers end in early May, as well as the production in Venezuela, which has been steadily falling over the past two years. The World Bank expects oil prices to average $67 a barrel this year and next, down $2 compared to projections from June last year, the bank said in its Global Economic Prospects report, in which it also revised down its global growth projections amid “darkening skies” for the global economy.

  • In the commodity market last week Crude oil Jan 2019 futures contract closed at ₹3,348 with the aggregate gain of ₹163.
  • In current week Crude December futures contract opens at ₹ 3,381 on Monday
  • Crude Oil highest gain ₹212 on Wednesday
  • Crude Oil highest loss ₹46 on Friday
  • Week last day of the trading Crude Oil closed at ₹ 3,632 with the aggregate gain of ₹284.

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