|01-21-2015, 09:12 PM||#1|
Oil prices rise despite IMF downgrade; EIA report eyed
Oil prices edged up on Wednesday, resuming a choppy trade amid lingering uncertainty about the global recovery, as the International Monetary Fund cut its global economic forecast for this year and next.
The IMF set another pessimistic tone across the markets today, as the agency downgraded its forecast for global growth, to 3.5% this year from 3.8% estimate it made in October. For 2016, the growth forecast has also been cut to 3.7%.
Meanwhile, investors are awaiting the European Central Bank’s decision on Thursday amid growing expectations that the bank will start applying the quantitative easing policy.
Volatility is still evident in the oil markets since the Chinese disappointing growth data showed that the world`s second-largest oil consumer grew at the slowest pace in 24 years.
Later today, the U.S. Energy Information Administration (EIA) is expected to release show a rise in U.S. crude oil inventories to 390.2 million barrel for last week, which may add further pressure on the benchmarks.
Crude oil was up by 1.15% around $47.01 a barrel at 08:40 GMT.
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