Crude oil prices likely to trade negative

Crude oil markets fell 3 percent or more to plumb new five-year lows on Friday after the world's energy watchdog forecast even lower prices on weaker demand and larger supplies next year. Benchmark Brent oil settled at below $62 a barrel and U.S.

crude slumped to under $58 to extend Thursday's landmark fall below $60. Surging crude inventories in the United States and top oil exporter Saudi Arabia's reiteration that it will not cut production had roiled prices over the last two days despite data pointing to strong U.S. economic recovery.

On Friday, the Paris-based International Energy Agency which coordinates the energy policies of industrialised countries, cut its outlook for demand growth in 2015, triggering another collapse.

The IEA slashed its outlook for global oil demand growth for 2015 by 230,000 barrels per day to 900,000 bpd on expectations of lower fuel consumption in Russia and other oil-exporting countries.

it predicted that oil-producing nations outside of the Organization of the Petroleum Exporting Countries will add to global supplies. It also expected prices to fall further.

Outlook

We expect crude oil prices likely to trade on negative note on the back of increasing supply and decreasing demand is likely to keep crude oil prices under pressure.

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