China’s Demand sees Brent around $106.50

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.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.