Global oil prices on January 19 morning fell within 1.5% after the release of statistics in the US and API data on the growth of crude stocks in the country, Report informs referring to the auction data.
The price of March futures for Brent crude oil fell by 1.32% to $83.86 per barrel, March futures for WTI decreased by 1.55% to $78.56.
On January 18 evening, US statistics were published, which showed vulnerabilities in the US economy. Thus, the volume of industrial production in the country in December decreased by 0.7% compared to November. Analysts had expected a decline of only 0.1%.
In addition, retail sales in the US in December decreased by 1.1% compared to November. Analysts had expected a decline of only 0.8%.
“Oil’s rally could not last after energy traders saw broad weakness across large parts of the US economy,” Ed Moya, senior market analyst at OANDA, told Bloomberg. “Crude-demand concerns are growing as the consumer is much weaker than expected and as the manufacturing sector is plunging.”
Investors also drew attention to the data of the American Petroleum Institute (API), which reported an increase in crude stocks in the US for the week by 7.6 million barrels at once. Analysts, by contrast, had expected a decline of 1.75 million barrels.