The price of oil futures decline on Thursday (11/06) this afternoon due to the World Bank that cut global economic growth predictions, so ending a two-day rally triggered by a decline in United States oil reserves.
In a report on Global Economic Prospects released biennial, the World Bank predicts that the global economy would expand as high as 2.8 percent this year, down from a previous outlook of growth in the 3 percent figure, who had announced in January. India being a country that records the biggest economic growth figures. This is a phenomenon that is the first time for the country to be led by the Nalendra Modi, in the middle of the slowness of China's economy. (Read also: correction Oil Resistant Level Reflected After 61.56)
The price of brent crude oil next month dropped as much as 13 cents to $ 65.57 per barrel at 3 PM this afternoon, while U.S. crude faded 23 cents and traded at $ 61.20 a barrel.
Meanwhile, South Korea, the country's importers of crude oil No. 5 reported cutting rates as much as 25 bungan base points to 1.50 percent in order to protect perekonomiannya from impact caused by respiratory tract disease virus that swept through the middle.
Although Asian economies slowed down, Iraq on Thursday raised official selling price of Basra Light crude oil, following strong demand from last month's level. The EIA reported oil reserves shrinking by as much as 6.5 million per barrels last week, the biggest decline in almost a year
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