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  • Crude oil futures continue to see selling pressure on demand worries. Broad concerns over the health of the global economy, marked by the US-China trade dispute, forced the International Energy Agency (IEA) to cut lower its growth forecast for global crude oil demand for this year and next. There have been concerns about the health of the global economy expressed in recent editions of this report and shown by reduced expectations for oil demand growth, the agency said in a monthly update.

    The IEA trimmed its estimates for growth in global oil demand for this year by 0.1 million barrels per day to 1.1 mbd. For 2020, growth is estimated to be slightly down, by 50,000 barrels per day to 1.3 mbd. WTI Crude had edged up towards $55 per barrel on Friday but slipped as traders eyed an uncertain outlook on global trade. The commodity currently trades at $54.82 per barrel, down 0.20% on the day. MCX Crude oil futures ended just above Rs 3900 per barrel mark in last session and should ease in early moves today.

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