Oil prices decline on concerns of oversupply
The Dollar Business Bureau Oil prices declined in Asia on Thursday due to improved supply outlook with the commodity prices hovering near the major mark of $50, leading to concerns among the traders about resuming production by the producers. Crude prices plunged after gaining for two days which saw the commodity cross the benchmark that makes it financially viable for producers to restart production. The prices of oil had been declining after the financial market turmoil across the globe, followed by last week's UK’s referendum vote to leave the European Union. The official data released by US Energy Information Administration on Wednesday details the reasons for oil to go on a rising trajectory, when it highlighted the commercial crude inventories of the US, which ...
Government flags deflation as new challenge for economy
Source: PTI Government, on Wednesday, flagged deflation as a new challenge for the economy but expressed hope that the growth will be close to 8% in the current fiscal year, notwithstanding lower first quarter GDP number. “Overall, economic growth is moving in the right direction, although its pace is still below what the economy needs... but at a pace that is expected to pick up in response to the ongoing reforms.” “And one real challenge that looms ahead appears not to be the price inflation but the possible price deflation,” Chief Economic Advisor Arvind Subramanian said. Talking to the reporters on below-than-expected first quarter growth, he said, the numbers suggest that “economy is recovering” and is consistent with the other more high-frequency ...
