Brent crude edged lower towards $106 per barrel on Monday, weighed down by data which showed China’s oil consumption slowed in 2013 and as Iran started implementing a nuclear deal with world powers.
Implied oil demand in China – the world’s second-biggest oil consumer – rose a lack lustre 1.6 percent last year, or 150,000 bpd on the year, according to Reuters calculations based on preliminary government data.
“The long term oil demand trend is certainly not what it used to be,” said Alex Yap, oil analyst at Facts Global Energy. “But I think 2014 could be better with new refineries starting and Strategic Petroleum Reserve stockpiling,” he said.
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