Oil prices declined in today's trading after the International Energy Agency stated that prices are likely to fall as stockpiles will increase. Stockpiles help by OPEC-members will reach an all-time high in the middle of 2015. China's inflation at a five-year low fuelled concerns about the world's second largest oil consumer's economic outlook. Brent Crude lost -0.60%, currently trading at USD57.99 a barrel. On January 13th Crude hit a low at USD45.19 and began to rise on reports on declining rig numbers in the U.S. and capital expenditure cuts. Crude had the biggest 2-week gain in 17 years. West Texas Intermediate declined by -1.23% currently quoted at USD52.21.
Worldwide supply still exceeds demand in a period of low global economic growth and the OPEC refusing to cut output rates to stabilize prices. Smaller OPEC members want to cut production but the organisation, responsible for 40% of worldwide production focuses on its fight for market share. Rising U.S. stockpiles are contributing to a global glut that drove prices almost 50 percent lower last year. The U.S., Brazil, Russia and the OPEC are producing at record levels.