Expect Crude prices to remain under pressure: Nirmal Bang

Nirmal Bang's report on energy

Crude oil fell on Thursday as weak manufacturing data from China, the world's No. 2 oil consumer, prompted investors to take profits after several days of gains. Global oil consumption will rise 32 percent through 2040 and fossil fuels will continue to supply the vast majority of energy needs even as use of renewable and nuclear fuels grows the U.S. Energy Information Administration forecast on Thursday. Enbridge Inc, Canada's largest pipeline company, said on Thursday it will build a USD 1.3 billion extension to its Woodland crude line in northern Alberta to serve Imperial Oil's Kearl oil sands project. Iraq's Sunni insurgents are targeting its main northern oil pipeline, undoing plans for a massive increase in exports as violence reaches levels unseen since the darkest days of civil war. FUNDAMENTAL OUTLOOK: Crude oil is trading flat on NYMEX today. We expect prices to remain under pressure dragged by weak manufacturing data from China. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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