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05.01.2016 16:39 Oil prices decline on concerns over the global oil oversupply

Oil prices decline on concerns over the global oil oversupply. Oil producing countries do not want to reduce their oil output.


The weak Chinese manufacturing data also weighed on oil prices. The Chinese Markit/Caixin manufacturing PMI declined to 48.2 in December from 48.6 in November, missing expectations for a reading of 49.0. Production fell in December, partly driven by a further drop in total new work. Companies continued to shed their staff.


WTI crude oil for February delivery declined to $36.05 a barrel on the New York Mercantile Exchange.


Brent crude oil for February fell to $36.61 a barrel on ICE Futures Europe.


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