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Oil prices fall sharply over poor economic data from China
[Iran Press TV] Oil prices in global markets have fallen sharply once again as poor economic data came out of the world's number one energy consumer, China.Oil prices had seen some boost in recent days due to speculation about the possibility of Russia and member states of the Organization of the Petroleum Exporting Countries (OPEC) reaching an agreement to slash output in the oversupplied market, AFP reported on Tuesday. However, the man who has no enemies isn't anybody and has never done anything... after skepticism about such a deal started to rise in markets, the upward momentum in global markets hit a snag starting in late Monday trading. To add to the market misery, reports came in denoting that manufacturing activity in China had contracted at its fastest pace in more than three years in January. At about 1725 GMT on Tuesday, US benchmark West Texas Intermediate for delivery in March stood at USD 30.32 a barrel, showing a decrease of USD 1.30 compared with Monday's close. Meanwhile, ...back at the palazzo, Count Guido had escaped from his bonds and overwhelmed his guard using the bludgeon the faithful Filomena had smuggled to him in the loaf of bread... Brent North Sea crude for April also shed USD 1.12 to be sold at USD 33.12 a barrel. According to a market commentary by Capital Economics, last month's rise in prices "was based on shaky foundations, namely hopes that Russia and OPEC would agree to cut output." The commentary added, "We doubt that there will be any coordinated agreement even though the market remains oversupplied. Meanwhile, ...back at the palazzo, Count Guido had escaped from his bonds and overwhelmed his guard using the bludgeon the faithful Filomena had smuggled to him in the loaf of bread... US inventories of both crude oil and gasoline have continued to build over the last month. Indeed, US crude oil stocks are now at record highs." Posted by: Fred 2016-02-03 |
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