Infra Stock Jumps 8% After Securing Construction Project Worth ₹2,163 Cr in Tamil Nadu
Oil price of WTI in New York during the auction at the Mercantile Exchange fell by 0.88% or $ 0.43. February futures were concluded at the end of the trading session at a price of $ 48.36 per barrel.
During week period, oil fell by 8.2%, price reduction is observed for seven weeks in a row. According to analysts, WTI drops in price due to oversupply, which saves the world oil market for some time. To stabilize prices one need to reduce the volume of oil production dramatically, but in the near future this will not happen because of the fact that the big players want to maintain their share in the market.
According to analysts Tamas Varga from PVM Brokerage Company, despite the fluctuation of oil prices in the direction of growth, now the "black gold" can be even cheaper.
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