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Oil: Prices recover after Chinese data weighed
Oil prices added in today's trading. Brent Crude rose by +0.38%, currently trading at USD58.02 a barrel almost flat. On January 13th Crude hit a low at USD45.19 and began to rise on reports on declining rig numbers in the U.S. and capital expenditure cuts. Brent rose more than 9% last week, its biggest rise in a week since 2011. West Texas Intermediate rose by +1.22% currently quoted at USD52.32. Oil prices dipped on disappointing data Chinese trade data fuelling concerns over an economic slowdown.
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. Rising U.S. stockpiles are contributing to a global glut that drove prices almost 50 percent lower last year. Supply will exceed demand by 2 million barrels a day in the first half of 2015, said Iranian Oil Minister Bijan Namdar Zanganeh.
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