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World Bank raises forecast for 2015 global crude prices

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Washington: The World Bank is nudging up its 2015 forecast for crude oil prices from $53 in April to $57 per barrel after oil prices rose 17 percent in the April to June quarter, according to the bank’s latest Commodity Markets Outlook released on Wednesday.

The Bank reported that energy prices rose 12 percent in the quarter, with the surge in oil offset by declines in natural gas and coal prices. However, the bank expected energy prices to average 39 percent below 2014 level, according to the bank’s quarterly update on the state of the international commodity markets, as per reported.

Natural gas prices are projected to decline across all three main markets including the US, Europe and Asia. Coal prices are likely to fall 17 percent. Excluding energy, the World Bank reported a two percent decline in prices for the quarter, and forecast that non-energy prices will average 12 percent below 2014 levels this year.

“Demand for crude oil was higher than expected in the second quarter. Despite the marginal increase in the price forecast for 2015, large inventories and rising output from OPEC members suggest prices will likely remain weak in the medium-term,” said John Baffes, senior economist and lead author of the report.

Iran’s new nuclear agreement with the US and other leading governments, if ratified, will ease sanctions, including restrictions on oil exports from Iran, the report noted.

Downside risks to the forecast include higher-than-expected non-OPEC production supported by falling production costs and continuing gains in OPEC output. Possible upside pressures may come from closure of high-cost operations as the number of operational oil rigs in the US is down 60 percent since its November high. Geopolitical tensions also generates such pressures.

In a special feature assessing the roles played by China and India in global commodity consumption, the report found that demand from China and, to a lesser extent, India, over the last two decades significantly raised global demand for metals and energy especially coal, but less so for food commodities.

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Apple is giving a huge discount on its gadgets: Details inside

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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