Home / Knowledge / News / Textiles / Intl demand to decline as oil prices surge further

Intl demand to decline as oil prices surge further

10
Apr '08
Oil prices stood stable at US $111 a barrel toady morning after making new records in the last session because of unexpected fall in US crude inventories.

A drop of 3.2 million barrels in crude stocks was discerned last week taking the market off guard since it was actually anticipating an increase of 2-3 million barrels rather than a decline.

Market analysts had expected an increase of 2.4 million barrels. The decline, however, pushed up the prices for light, sweet crude for May delivery by $2.37 to settle at $110.87 a barrel on the New York Mercantile Exchange on Wednesday. Infact, it exceeded the previous trading record of $111.80 last month to touch $112.21 a barrel during the floor session.

Today, by mid-morning in Singapore, the contract rose by 2 cents to $110.89 a barrel in Asian electronic trading.

Prices of Brent crude also rose by a cent to $108.48 a barrel on ICE Futures Exchange in London.

Despite concerning decline in global demand, prices for oil have shown no signs of recession. On the contrary, demand for gasoline and oil is expected to fall further due to rising prices.

Report by International Monetary Fund has indicated towards a further slowdown in US economy.


Must ReadView All

Pic: Shutterstock

Textiles | On 24th Nov 2020

UK secures vital rollover trade deal with Canada

The UK and Canada have locked in their existing trading relationship, ...

Pic: Shutterstock

Textiles | On 24th Nov 2020

'No deal' Brexit to badly affect T&C industry: EURATEX

A 'no deal' Brexit would have a detrimental impact on the textile and ...

Pic: Shutterstock

Apparel/Garments | On 24th Nov 2020

Women hit hard by COVID-19 impact on garment sector: ILO

The impact of COVID-19 on garment sector women has worsened due to...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala, Jansun

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Software Firms, Head honchos

Software Firms
Head honchos

AI / robotics may challenge existing long value chains

Office bearers, Textile industry

Office bearers
Textile industry

There might be negative impact on garment exports

Neeraj Sharma,

Neeraj Sharma

Headquartered in Surat, Gujarat, Orange O supplies digital textile...

Deepak Mundra,

Deepak Mundra

Surat-based Madhusudan Group is a vertically integrated textile...

Sarah Perkins,

Sarah Perkins

Fairfax, Virginia-based Specialty Graphic Imaging Association (SGIA) is a...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Alfonso Marra, Klopman

Alfonso Marra
Klopman

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

<span style="font-size: 12px;">Designer Suman Nathwani talks about her...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search