IEA ups crude forecast - Views on News from Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

IEA ups crude forecast

Jun 12, 2009

Various agencies across the world have been busy revising their forecasts for their respective industries as encouraging economic data and reports suggesting that the world has passed its toughest phase have been floating around. The energy sector is the latest to join the bandwagon.

Source: CNN
Yesterday, the world's premium energy advisor, the International Energy Agency (IEA) marginally raised its global crude oil forecast on signs that the economic slowdown is lessening. It may be noted that this is the first time it has done so in ten months. However, it has also stated that this revision does not necessarily mean that the global economy is recovering, and that they may signal the bottoming out of the recession. The agency has revised its estimates for the year, predicting consumption to increase by 120,000 barrels a day over the previous forecast, taking the total to 83.3 m barrels a day. Further, it believes that countries such as the USA and China will drive demand. However, it also added that consumption worldwide will contract by 2.9% from last year.

Crude prices have been flirting with the US$ 70 a barrel mark in the past few days. Yesterday, after the IEA's report was published, crude prices crossed the US$ 72 a barrel mark for the first time in seven months.

Credit cards continue to be trimmed down

As per the latest data released by the RBI, nearly 332,000 credit cards were taken out of circulation in the month of April 2009. Currently, the total figure stands at about 24.4 m. It may be noted that nearly 3 m cards were taken out during FY09.

Apart from rising delinquencies, another reason behind this is to reduce costs which banks have to bear in the form of billing and postage charges. In addition, there is a risk that such cards will be used as a last resort when the customer is faced with financial troubles. However, going forward, experts believe the scenario will improve as the economy is improving.

It may be noted that issuers went all out to hand out cards to customers who never really needed or ended up using the cards during the boom phase.

Equitymaster requests your view! Post a comment on "IEA ups crude forecast". Click here!


More Views on News

This Number Will Give You an Edge Over Other Traders in the Market (Fast Profits Daily)

Sep 30, 2020

In this video, I'll share with you, a crucial number that I track everyday which gives me trading edge.

Is Mirae Asset Ultra Short Duration Fund a Right Solution for Your Short Term Needs? (Outside View)

Sep 30, 2020

PFN explains about the Mirae Asset Ultra Short Duration Fund.

India's Drone Revolution is a 4x Profit Opportunity (Profit Hunter)

Sep 30, 2020

My research on India's leading defence companies brought me to one major player in drone manufacturing.

The Gold and Silver Bull Market is Not Over (Fast Profits Daily)

Sep 29, 2020

The last few days have been nerve-racking for bullion traders. Stay calm. The bull market still has a long way to go.

Earned Short Term Capital Gains on Shares? Here's What You Need to Know While Filing ITR (Outside View)

Sep 29, 2020

PersonalFN explains CBDT's clarification regarding scrip wise disclosure in ITR in case of short term capital gain.

More Views on News

Most Popular

Commodities Trading: From Pits to Screen

Trading in commodities is perhaps as old as the human civilization. Find out how it will unfold in the future

My Top Stock to Buy in this Market Selloff (Profit Hunter)

Sep 22, 2020

The recent correction offers a great opportunity to buy this high conviction smallcap stock.

Can the Nifty Fall to 10,200? (Fast Profits Daily)

Sep 24, 2020

The Nifty has reached an important support level today. If it breaks then we could see further downside.

What Do the Charts Say About Buying Smallcaps Now? (Fast Profits Daily)

Sep 18, 2020

Everyone seems to be excited about buying smallcaps now...but is it the right thing to do? What do the charts tell us? Find out in this video...

I Believe These Stocks Will Deliver the Most Outsized Returns in 2021 and Beyond (Profit Hunter)

Sep 23, 2020

Rules of the racetrack can help you bag the biggest gainers of the coming decade.


Covid-19 Proof
Multibagger Stocks

Covid19 Proof Multibaggers
Get this special report, authored by Equitymaster's top analysts now!
We will never sell or rent your email id.
Please read our Terms


Sep 30, 2020 (Close)