Monday, 19 January 2015

Oil markets dip on weak China GDP data

Oil markets dipped on Tuesday as China's economic growth for 2014 undershot a government target and hit its weakest annual expansion in 24 years, adding to worries in energy markets already suffering from slowing demand and oversupply.
The world's second-largest economy grew 7.4 percent last year, China's National Bureau of Statistics said, less than the target of 7.5 percent. Growth in the fourth quarter held at its weakest in nearly six years, although coming in slightly better than expected at 7.3 percent.
Brent crude was trading at $48.71 per barrel at 0309 GMT, down 13 cents since their last settlement, while U.S. crude was trading down $1.32 at $47.37 a barrel.
Recent price falls have steepened the price difference between oil for immediate delivery and for barrels for supply at a later stage, known as a contango.
"Producers globally are struggling to find buyers for their crude, which is reflected in the contangos in the Brent and WTI futures curves," Barclays said in a note.
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