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Main » 2015 » December » 29 » Oil under pressure falling demand and high volume production
Oil under pressure falling demand and high volume production

Oil prices remained under pressure on Tuesday as concerns about slowing demand added concerns about world record production level, which has already reduced the prices by two-thirds since mid-year.



Futures for WTI crude oil supplies next month traded at $ 36.83 a barrel at 03:34 GMT, the situation was similar to the one that prevailed on Monday after trading closed with a 3 percent drop.

The cost of international Brent crude was $ 36.67 per barrel, almost unchanged from its previous value, but less than $ 1 above 11-year low that was reached earlier in December.

The cost of both futures decreased by two-thirds, as prices started to fall in June 2014.

While the volume of global production was at or near record highs, demand remained high, preventing a fall in prices even lower, but this situation may change.

Analysts at JBC Energy said that the growth in demand for petroleum products in Europe in October was negative - loss amounted to 170,000 barrels per day compared to the same period of the previous year. For the first 10 months of an increase in demand for diesel fuel and gasoline in China has also slowed.

One change in the oil trade this month - a reduction in the difference in the price of WTI crude oil futures and the brand Brent.

Analysts expect that the difference in the cost of crude oil WTI and Brent will be around $ 1. However, most analysts believe that global production will exceed more than 2 million barrels a day, even a reduction in US production will not be sufficient to balance the market. 




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