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The India Meteorological Department predicts the country's   monsoon   rainfall will be 106% of long period average this year.The error margin is plus or minus 5%. This should ease fears over farm and economic growth after two straight droughts hit rural incomes and agricultural output. There is 94% chance of the rains to be normal or excess this year and just 6% chance of them being poor. LPA is the average rainfall received by the country in the last 50 yrs starting from 1951 and is eastimated at 89 cms. The forecast is very much in consensus with what Skymet said yesterday. IMD says monsoon will be more than normal in all the four months of June to Sept, but pace will pick up after the first half.   IMD   DG L S Rathore said that the monsoon this year will be fairly well distributed except northeast India and parts of Tamil Nadu and Rayalaseema. IMD said that it will update its monsoon forecast in June. The monsoon rains could be above average, as ...

The World Bank has slashed its forecast for crude oil prices by $14 to $37 per barrel for 2016, it said, amid growing supply and weak demand prospects from emerging markets. In its annual Commodity Markets Outlook, the World Bank lowered its price forecast for 37 of 46 commodities, including oil, saying that weak demand from emerging economies is likely to continue. World Bank economists said weak demand would continue even as oil supply grows with the resumption of Iranian exports, continued US production and a mild Northern Hemisphere winter.  Read Articles