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Oil: Prices decline as Chinese inflation data and IEA report weighs
Oil prices declined in today's trading after the International Energy Agency stated that prices are likely to fall as stockpiles will increase. Stockpiles help by OPEC-members will reach an all-time high in the middle of 2015. China's inflation at a five-year low fuelled concerns about the world's second largest oil consumer's economic outlook. Brent Crude lost -0.60%, currently trading at USD57.99 a barrel. 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. Crude had the biggest 2-week gain in 17 years. West Texas Intermediate declined by -1.23% currently quoted at USD52.21.
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. The U.S., Brazil, Russia and the OPEC are producing at record levels.
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