Oil drops 5 percent on demand slump

Puntúa la noticia :

Nota de los usuarios: - (0votos)

• Empresas y finanzas

Share

Tweet

elEconomista.es en Twitter

Follow @eleconomistaes

EcoTablet - ¡Gratis en App Store!

La plataforma más completa de información y servicios económicos para iPad.

• Suscribirse al boletín
• Imprimir
• Enviar
• Aumentar texto
• Reducir texto
• Haga doble click sobre una palabra para ver su signifcado
• Sudoku: Juega cada día a uno nuevo
• El tiempo: Consulta la previsión para tu ciudad

NEW YORK (Reuters) - Oil dropped more than 5 percent to below $52 a barrel on Friday on demand concerns and signs OPEC would defer cutting production when it meets this weekend.

U.S. light crude for January delivery CLc1> fell to $51.47 a barrel at 12:37 p.m EST, down $2.97 from Wednesday's close. U.S. markets, including the New York Mercantile Exchange, were shut on Thursday for the Thanksgiving holiday, though crude did trade on Globex.

London Brent crude LCOc1> slid to $50.90, off $2.23 from Thursday's settlement.

"The market seems to refocusing again on the fact that the U.S. economy is in bad shape and as there has been a fall off in global economy," said Gene McGillian, analyst for Tradition Energy, Stamford, Connecticut.

Prices have tumbled from record highs over $147 a barrel struck in July as demand in the United States and other large consumer nations slumped amid an economic crisis.

Global oil demand is expected to decline slightly this year and next, the first fall in a generation because of the world economic downturn, according to a Reuters poll.

The price of U.S. crude is on course to drop more than 20 percent in November alone, despite agreements by OPEC in September and October to cut output by a total of 2 million barrels per day (bpd).

OPEC ministers gathering in Cairo for an informal meeting this weekend said they were likely to defer a decision on more output cuts until the December 17 meeting in Algeria.

Some OPEC members said this month that production could be reduced in Cairo, though several delegates have said since then that the gathering will only measure compliance with previous agreements.

"You are seeing crude oil down quite a bit with the OPEC meeting. It's not yielding any new news or anything of significance," said Chris Jarvis, senior analyst for Caprock Risk Management in Hampton Falls, New Hampshire.

A Reuters poll this week of 15 analysts forecast by a narrow margin that OPEC would make no announcement of a further reduction in oil output this weekend but would probably do so at its meeting in Algeria.

(Reporting by Matthew Robinson and Gene Ramos in New York; Jane Merriman and Christopher Johnson in London and Maryelle Demongeot in Singapore; Editing by David Gregorio)

PUBLICIDAD

- Recibe nuestros análisis Diarios sobre Divisas, Acciones y Opciones. ¡Apúntate ya! ¡Es GRATIS!

- Opere en más de 8.000 CFDs. Infórmese y obtenga su CFD Trading Guide

- Nuevos spreads en materias primas: Oro tan sólo 0,3 puntos, Plata 0,25, Petróleo 0,35

- Opera desde 2,95 € en tiempo real con Self Bank.