Oil moved down today after low industrial data of China and Japan stirred worries of an economic deceleration able to decrease demand for crude, along with new data demonstrating a rise of US oil stockpiles at the time of leaping production.
Brent dropped to $66.23 for a barrel, losing 40 cents. Yesterday Brent fell by 87 cents to $66.63.
US WTI went down to $62.70 per barrel this morning, 31 cents fall, while during preceding session it lost 90 cents.
China is the second largest economy of the world and the top importer of crude. Demand for oil is strongly connected to economic expansion. In the month business activity was slowed down by China’s lengthy holiday of New Year, but traders also cited stricter pollution rules that reduced factory production.
The globe’s third largest economy – Japan, experienced the biggest fall in its industrial output since a destroying earthquake of March 2011, underscoring a decline in demand and an accrual of inventory. In the top oil consuming country – the United States, growing oil stockpiles pressured prices.
Yesterday’s figures of the American Petroleum Institute made known that crude inventories added 933,000 barrels over the week to February 23, reaching 421.2 mln barrels.