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Crude oil & naphtha prices slip between April 1 & 15
Apr '12
In the fortnight beginning April 1, selling offers for crude oil and naphtha declined.

In the beginning of the first half of the fortnight, Asian crude oil price opened with a pressure, as energy market was weak, due to improved supply from Indonesian market.

Traders did try to understand the impact of sanctions on Iranian crude oil exports. During the second half of the fortnight, price of crude oil remained soft.

The fall in crude oil prices was also due to Iran's agreement to resume talks on its nuclear program.

In the same fortnight, naphtha prices posted losses due to poor energy market trend.

In the first week of the fortnight, naphtha price was range bound in Asian market. In the second week, demand for naphtha continued to remain poor.

In Asian and European market, demand was poor while arbitrage between Europe and U.S.A remained poor too.

In Asian market, naphtha prices received support from the energy market, while in European market it was supported by firm downstream demand.

Fibre2fashion News Desk - India

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