Oil opens lower in New York, worried demand … – Boursorama

Oil opens lower in New York, worried demand … – Boursorama

A gas station in northern France (AFP / File / Philippe Huguen)

Oil prices opened lower Tuesday in New York, after figures on the Chinese economy and a publication of the International Monetary Fund (IMF), which concerns were expressed about global demand.

Around 2:15 p.m. GMT, a barrel of “light sweet crude” (WTI ) for February delivery, whose contract expires today, lost 2.20 dollars to 46.93 dollars on the New York Mercantile Exchange (Nymex).

The New York market out of a three-day weekend because the day Monday was a public holiday in the United States.

“There are concerns about the effects that will have the slowdown in Chinese growth on global demand,” reported Andy Lipow of Lipow Oil Associates.

According to official figures, China saw its economic growth slow sharply in 2014, to 7.4% of gross domestic product (GDP), sliding to a new level for nearly a quarter century, although it is a bit better than what analysts expected.

These figures have increased concerns about global demand, as revived by a Fund report International Monetary (IMF) has warned that falling prices would not be enough to sustainably support the economy.

The IMF has accordingly lowered its growth forecasts. Doing little better in 2014, world GDP should not increase by only 3.5% in 2015 and 3.7% in 2016, scoring in both cases a decrease of 0.3 points compared to projections October.

Pessimism demand increases the pressure in a market “as we do not witness a slowdown in the increase in supply, prices will remain under pressure,” said Andy Lipow.

Far from it, “Iraq announced it had produced four million barrels per day (in December), which reinforces the impression of seeing happen in a short time more crude oil in the market than expected, “he noted.

Iraq is one of the key members of the Organization of Petroleum Exporting Countries (OPEC), which has increased the fall in November by maintaining its production ceiling unchanged.

While the price of oil has lost more than half its value since June, “there is little chance of attending a sustained rebound in the short term given the significant excess supply, “warned analysts at Commerzbank.

During the Fall also continues to affect the sector, such as the US group services Halliburton oil, which warned Monday that 2015 would be “difficult” because of the downturn, even if it has withstood the effects of last year.

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