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Oil prices fell today below $ 118 per barrel as investor concern about the euro zone economy has shifted to a higher-than-expected growth in demand in China.
Recall that the price of Brent crude reached a nine-month high on Friday after data showed that China's trade volume rose in January.
Meanwhile, we note that, in connection with the celebration of the Lunar New Year, many Asian markets will be closed this week.
Analysts also point out that while the growth in Chinese demand support oil prices, developments in the euro area continue to put pressure on stocks and the euro. In addition, the corruption scandal that threatens political instability in Spain and Italy during the presidential race is getting tougher.
Experts also say that traders will closely monitor the data on U.S. retail sales and production volumes, which will be presented at the end of this, and who can point to further signs of economic growth in the world's largest economy.
In addition, oil prices could get some support from the stormy weather in the densely populated northeastern United States, resulting in hundreds of thousands of people sit without electricity.
March futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 96.37 dollars a barrel on the New York Mercantile Exchange.
March futures price for North Sea petroleum mix of mark Brent fell 57 cents to $ 118.30 a barrel on the London Stock Exchange ICE Futures Europe.
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