On Thursday, there was a broad based sell off in commodities as the dollar surged on the back of commentary from ECB Head Jean Claude Trichet as well as short covering from its recent sell-off. As a result, the CRB commodity index dropped nearly 5%. Oil collapsed, the Nymex crude slipped below the USD 100 a barrel mark.
In an interview with CNBC-TV18, Vandana Hari, Asia News Director, Platts, speaks about crude and gives her outlook going forward. Also read: Crude could touch $80/bbl, says Commodity Broking Below is a verbatim transcript of her interview with CNBC-TV18's Sonia Shenoy and Anuj Singhal. Also watch the accompanying video. Q: The USD 10 per barrel drop in crude, how would you justify that? A: It was such a huge quantum jump and so sudden, in a single day, that I think a lot of the market is probably still digesting and reacting to what happened. But if you put the numbers aside for a while and try to see what's really happening in the market in terms of demand for oil, I would say there are two main strands here which emerged over yesterdayDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
