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Commodity Mid Session News

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(13 Feb 2025, 13:43)

Oil prices slide; OPEC keeps 2025 demand growth unchanged

Crude oil futures fell below $71 per barrel on Thursday as MCX crude oil futures for February tracked the decline, slipping below ₹6200 per barrel. Investor sentiment soured after US and Russian leaders agreed to negotiate peace in Ukraine, raising hopes of reduced supply risks. Adding to the bearish tone, US inflation data pointed to continued Federal Reserve tightening, weighing on dollar-priced commodities. The EIA report revealed a 4.1-million-barrel rise in US crude stockpiles, further pressuring prices. Meanwhile, OPEC held its 2025 oil demand growth forecast steady at 1.45 million barrels per day, providing little price support.
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