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Oil prices fell slightly today , which was associated with the release of weak Chinese data indicating that the decline in demand in the world's largest oil consumer . Meanwhile, add that support prices has the possibility of supply disruptions due to the oil crisis in the Ukraine and the turmoil in Libya.
According to preliminary estimates HSBC, the index of business activity in the industry in China in March fell to eight-month low , amounting to 48.1 points versus 48.5 points in February. Analysts , on the contrary , expect growth to 48.7 points. A reading above 50 indicates growth in economic activity, lower - its decline.
" Expectations about China remain low. Statistics in February was weak and the market regains deteriorating outlook for growth " - believes the chief strategist at CMC Markets Michael McCarthy.
Not pleased investors and statistics from the eurozone . Composite index of business activity in industry and services (PMI) in the region, according to preliminary estimates , in March fell to 53.2 points from 53.3 points in February . Analysts believed that the rate will remain at the level of February.
At the same time, investors continue to monitor developments in Ukraine and Libya, as well as their possible impact on the volume of shipments of "black gold " in Europe. In Libya, the government is still trying to establish control over numerous fighters that have captured several port facilities and oil and gas sector .
Meanwhile , we add that the seasonal decline in consumption caused nearly 5 percent decline Brent price since early March , when quotes briefly rose to a three-month high above $ 112. Experts note that the offer on the market is now clearly exceeds demand. Production in the U.S. continues to grow and is at thirty- highs and crude oil reserves , according to the Energy Information Agency report , published in the previous week increased by 5.9 million barrels to 379 million at the same time in power load warehouses gasoline fuel loading refineries the country has fallen to 85.6 percent.
May futures for U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 99.47 a barrel on the New York Mercantile Exchange (NYMEX).
May futures price for North Sea Brent crude oil mixture fell $ 0.30 to $ 106.83 a barrel on the London exchange ICE Futures Europe.
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