January 08:
Source:www.rte.ie/news/business/2015/0108/671187-oil-prices/?
Oil prices extended gains today after a drop in US crude stockpiles indicating stronger demand in the world's biggest economy, but remained under pressure owing to a global supply glut.
US benchmark West Texas Intermediate for February delivery won 50 cents to stand at $49.15 a barrel compared with yesterday's close.
Brent North Sea crude for February gained also 50 cents to stand at $51.69 in London. Brent yesterday briefly slipped below $50 for the first time since 2009.
Prices got a boost from data showing US stockpiles fell 3.1 million barrels to 382.4 million in the week ending January 2.
Analysts have cautioned against reading too much into the recent price gains given overall supply-demand dynamics.
Crude has lost about half its value since June owing to a global oversupply, slowing growth in China and emerging market economies, a recession in Japan and a near-stall in the euro zone.
A stronger US currency is also denting demand for dollar-priced oil while fears of another turmoil if troubled Greece exits the euro zone are casting a shadow.
There are fears that a victory for the radical left Syriza party at January 25 polls in Greece could see them tear up stringent measures required under an EU-IMF bailout for the country, a move that could see it leave the currency bloc.
Source:www.rte.ie/news/business/2015/0108/671187-oil-prices/?
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