CO:MCX Crude oil weakens as IMF cuts global growth forecast
MUMBAI (Commodity Online): MCX Crude oil is trading flat on Wednesday afternoon as IMF cut their growth forecast amidst the US and Euro zone worries.
MCX Crude oil is trading at Rs 4172 which was its opening price for the day. NYMEX crude oil is also trading lower by 0.3%.
The International Monetary Fund (IMF) had earlier reported that they were trimming their global growth projection due to the slowing US economy and euro zone debt problems.
US GDP growth for 2011 is estimated to be at 1.5%, down from 2.5% earlier while the Indian GDP growth was trimmed to 7.8% from 8.2% earlier.
