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The cost of oil fell today, and is on its way to its first weekly decline in the past five weeks, which was associated with the publication of the data, which showed that the volume of U.S. industrial unexpectedly fell, causing concern with the fact that economic activity will grow more slowly than anticipated. Note that industrial output fell by 0.1% against 0.2% expected and revised from 0.4% to 0.3% of the previous value.
Meanwhile, the pressure on the oil have expectations meeting G20, which will examine the economic policy and its impact on the exchange rate. Economists worry that competitive devaluations could lead to "currency wars", which in turn will lead to the impoverishment of many countries.
At the same time, many traders and strategists say that the commodity market is significantly affected by a number of weak economic indicators, which suggests that the world economy will grow less quickly than expected.
In addition, the price of oil also continues to influence concern about Iran's nuclear program, as well as other countries in the Middle East. Meanwhile, fears that the conflict could deter oil supplies fell slightly after the Middle East has taken steps to slow the growth of stocks of nuclear materials that could be used to make bombs.
March futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell $ 1.69, and now stands at 95.62 per barrel on the New York Mercantile Exchange.
March futures price for North Sea petroleum mix of mark Brent fell $ 1.35, and is now $ 116.65 a barrel on the London Stock Exchange ICE Futures Europe.
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