21 January 2014
Crude price falls on China’s economic data
Crude prices eased in January as weaker economic data from China indicated slowing crude demand and soaring US oil output added pressure
Brent and WTI were trading around $107.7 per barrel (/b) and $94.6/b, respectively, on 21 January. On 23 December 2013, Brent traded at $112/b, while WTI was priced at $98.6/b. Brent and WTI prices rose in December, supported by seasonally stronger winter demand in the Atlantic basin, as well as continued supply outages in Libya. Deutsche Bank has cut its 2014 price forecasts for Brent and WTI because of increased US crude production could create an oil glut in the country. In a noet published on 14 January, the German bank cut its 2014 forecast for Brent to $97.50/b, down from $106.25/b. It slashed its estimate for WTI as well, to $88.75/b down from $98.75/b. The International Energy Agenc
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