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Oil down again for $ 49 by the glut and fears China
8/31/15
When oil prices fell below $ 49 a barrel on Monday after achieving the biggest rise in crude in six years for two days last week Ptkhmh driven by supply and renewed concerns about the Chinese economy.
Brent crude jumped ten percent last week, but it's still toward the fourth monthly decline in a row and only brings in only two months over the last four months.
By 1052 GMT, Brent fell 1.14 percent to $ 48.91 a barrel and US crude down 12 percent last week, rose 81 cents to $ 44.41.
Said Olivier Jakob, analyst at Petromatrix "volatility was big last week and then now we see some decline. Proved that the $ 50 level is the level of resistance ... the market still receive a very large supply."
Chinese stocks fell a sharp decline on Monday, then recouped much of its losses before the survey is expected to point to a decline in the economy more.
China will announce the special conditions of the factories official reading in August on Tuesday and is believed to economists polled by Reuters that factory activity likely shrank at its fastest pace in three years.
And impose pressure on the oversupply of oil. The Organization of the Petroleum Exporting Countries (OPEC) - which was before it seizes supplies so that keeps the oil above $ 100 - last year tolerant as prices fall to maintain market share.
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8/31/15
When oil prices fell below $ 49 a barrel on Monday after achieving the biggest rise in crude in six years for two days last week Ptkhmh driven by supply and renewed concerns about the Chinese economy.
Brent crude jumped ten percent last week, but it's still toward the fourth monthly decline in a row and only brings in only two months over the last four months.
By 1052 GMT, Brent fell 1.14 percent to $ 48.91 a barrel and US crude down 12 percent last week, rose 81 cents to $ 44.41.
Said Olivier Jakob, analyst at Petromatrix "volatility was big last week and then now we see some decline. Proved that the $ 50 level is the level of resistance ... the market still receive a very large supply."
Chinese stocks fell a sharp decline on Monday, then recouped much of its losses before the survey is expected to point to a decline in the economy more.
China will announce the special conditions of the factories official reading in August on Tuesday and is believed to economists polled by Reuters that factory activity likely shrank at its fastest pace in three years.
And impose pressure on the oversupply of oil. The Organization of the Petroleum Exporting Countries (OPEC) - which was before it seizes supplies so that keeps the oil above $ 100 - last year tolerant as prices fall to maintain market share.
[You must be registered and logged in to see this link.]
