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Oil: prices slump after recent rally
Oil has ended its rally today. After a 7th consecutive month of falling prices oil prices rose markedly in the last 4 days gaining nearly 19%. Brent Crude lost -2.78%, currently trading at USD56.30 a barrel, still far above the important USD50 level. On January 13th Crude hit a low at USD45.19. West Texas Intermediate declined by -3.51% currently quoted at USD51.19. API Crude Oil Inventories expanded by 6.1 million barrels data showed yesterday fuelling concerns over high stockpiles. Chinas service sector, China is the second largest consumer of oil after the U.S., grew at the slowest pace in 6 months further weighing on prices.
Worldwide supply still exceeds demand in a period of low global economic growth and the OPEC refusing to cut output rates to stabilize prices. Smaller OPEC members want to cut production but the organisation, responsible for 40% of worldwide production focuses on its fight for market share.
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