The benchmark contract of Crude slipped soon after the news that China GDP has registered a fall towards 8.1% in Jan-March 2012, compared to analyst's estimates of 8.3%. Chinese economic slowdown led Crude oil end on a rather flat note this week, which could have otherwise been a virtuous. Light sweet Crude oil futures on New York Mercantile Exchange ended at $ 102.83 per barrel on 13 April, compared to $ 102.46 per barrel on 9 April. MCX Crude oil May expiry futures contrarily gained by 1.36% to end at Rs 5365 per barrel.
The Energy Information Administration (EIA) report showed that the Crude oil prices increased for the third consecutive week to 365.19 million barrels for week ending 6 April. Stockpiles were 2.79 million barrels above the last week. In its short term Energy outlook, EIA expects that the West Texas Crude oil will average at $ 106 per barrel in 2012. This is $ 11 per barrel higher than average price of last year.
For 2012, prices are expected to remain flat at $ 106 per barrel. Adding to the pessimism was the statements from Saudi Arabian Oil minister that expected further cuts in current Crude prices. Saudi Oil Minister said that they were determined to see Crude oil prices fall. Inventories continued to move up for the third consecutive week.
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