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The cost of oil fell today after data showed that the euro zone's gross domestic product declined by the end of last quarter, more than expected. In addition, the decline in oil prices has an impact constraining expectations for world economic growth and increased demand for energy.
According to preliminary data of Eurostat, in Q4. E-17 GDP has accelerated the rate of decline of -0.1% q / q in the previous quarter to -0.6% against the more moderate forecast -0.4%. The annual equivalent rate fell by 0.9% against prev. -0.6% And the forecast -0.7% y / y In addition, the report showed that the three largest economies in the euro area - Germany, France and Italy - fell more than expected. The German economy contracted by 0.6%, registering with the worst performance since the global financial crisis.
However, market sentiment improved slightly after the data, which showed a stronger-than-expected drop in the number of initial unemployment benefits in the U.S., indicating a continuation of sustained improvement of labor market conditions.
Concern for the supply of Middle East oil to limit the drop in prices after a UN Atomic Energy said that it could not back a deal in talks with Iran over its nuclear program investigation.
Investors are now awaiting the outcome of a meeting of finance ministers and central bank governors of the G20 at the end of this week, which may shed light on the future of the world economy.
March futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose $ 0.43, and now stands at 97.44 per barrel on the New York Mercantile Exchange.
March futures price for North Sea petroleum mix of mark Brent fell $ 0.86, and is now $ 117.86 a barrel on the London Stock Exchange ICE Futures Europe.
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