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THE World Bank cut its 2016 forecast for crude oil prices to 37 U.S. dollars per barrel and foresaw other commodity prices to shed further this year due to weak demands from emerging economies. In its latest Commodity Markets Outlook report, the bank said the lower forecast reflects sooner-than-anticipated resumption of exports by Iran, greater resilience in U.S. production and weak growth prospects in major emerging market economies. Oil prices fell by 47 percent […]
Battered crude oil prices bounced back from their lows on Thursday (January 21, 2015), propelling solid gains in Asian shares and the dollar. Thursday’s gains built on Wall Street’s consolidation overnight in which major indexes finished with declines of more than 1 percent, but well off the 3 percent plus they plumbed in the previous session when U.S. crude had dropped to 2003 lows. Japan’s benchmark Nikkei average added 0.5 percent early after plunging 3.7 […]
