CRUDE OIL

Nervousness is growing in global markets before an expected U.S. interest rate hike later this week.

Global stockpiling of oil hit a 10-year peak with crude prices firmly below the $50 per barrel level this year, according to a report by the International Energy Agency.

Environmental activists and Democrats had been hoping the president would reject the project before global climate talks in Paris this month.

TransCanada's request to suspend its Keystone XL application was interpreted by many as an admission that the company expected a rejection from President Barack Obama.

Experts say the reserve of 695 million barrels helps prevent volatility in crude oil markets and has a part in maintaining the global oil balance.

Justin Trudeau, Canada's prime minister-designate, has far different environmental policy ideas than Stephen Harper, which could mean trouble for the pipeline plan.

In the biggest three-day rally since 1990, U.S. oil prices extended their gains Monday after data revealed crude output was lower than previously expected.

The price of crude oil recovered slightly from Monday's record lows but prices are predicted to fall further to 2008 levels.

U.S. oil prices are headed for an eighth straight weekly decline, the longest weekly losing streak in nearly 30 years.

Saudi Arabia-led OPEC decided at a meeting in November to maintain output and keep global markets amply supplied.

A Singapore-based brokerage firm expects oil prices to fall further in the second quarter.

Oil prices had risen in January and February after falling by almost two-thirds over the last year.

Debt in the crude-oil industry may be a major factor in the collapse of the commodity’s pricing, the Bank for International Settlements says.

The BSE Sensex and Nifty fell over 3 percent, posting their biggest daily loss since the rupee crisis in 2013.

“Saudi Arabia can take a step to have a productive role in this situation,” a top Iranian official said.

"The fundamentals should not lead to this dramatic reduction [in price]," OPEC Secretary General Abdullah al-Badri says Sunday.

“Iran and people of the region will not forget such conspiracies," the Iranian leader said on Wednesday.

Many traders expect the ECB may signal further action later this week to ward off deflation.

Crude oil’s price per barrel breathtakingly plunged to $66.15 Friday from $107.95 June 20, a dizzying drop of -$41.80, or -38.72 percent.

Some fund analysts have said that oil prices could slide to $60 per barrel if OPEC does not agree to a significant output cut.

India is a big importer of crude oil that is refined to make diesel and petrol.