West TX Oil Near $46 over Demand Concerns

U.S. crude futures edged up on Wednesday following steep losses a day earlier but remained below $47 a barrel amid worries over ample supplies and sluggish demand after the International Monetary Fund cut its 2015 global economic forecast.

NYMEX crude for new front-month March delivery was up 23 cents at $46.70 a barrel by 2345 GMT. Contract for February delivery expired on Tuesday, settling down $2.30 at $46.39.  London Brent crude for March delivery was untraded yet, after settling down 85 cents at $47.99.

The IMF, in its latest World Economic Outlook report, reduced its global economic forecast by 0.3 percentage points for this year and next, projecting 3.5 percent growth in 2015 and 3.7 percent for 2016.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.