Crude Oil price declined on Thursday from its fortnight-high as worries over China economic growth widened. China is at the threshold, the world’s second major consumer of crude oil. Resultantly, WTI Crude Futures declined 0.7 percent at USD 45.79 a barrel regaining a portion of previous losses of 2.6 percent.
Crude price elevated on Wednesday considering signs that OPEC had trimmed its promised output curbs earlier than anticipated. At the same time the output from OPEC declined by the most in almost two years by December 2018.
The slowdown in China and chaos in equity and currency markets comes into sight that investors become nervous, including in oil markets. However, Indian stock markets are expected to keep up its strength by next week.