Mumbai, March 19 -- Crude oil futures slipped toward $66 per barrel on Wednesday, extending this year's 7% drop, as concerns grew over increased Russian supply. President Putin agreed to halt attacks on Ukrainian energy sites but rejected a 30-day ceasefire, raising fears of sanction relief that could lead to a surplus. OPEC and allies plan to boost production next month, adding more pressure. Weak global trade and signs of slowing demand, reflected in a larger-than-expected crude stock build, also weighed on prices. However, a weaker dollar, hovering around 103.3 ahead of the US Federal Reserve's policy decision, provided some support. The Fed is expected to keep interest rates unchanged, with market focus on its quarterly updates regardin...
Click here to read full article from source
To read the full article or to get the complete feed from this publication, please
Contact Us.