|01-19-2015, 05:20 PM||#1|
Brent crude around $50 with China GDP in focus
Brent prices hovered around $50 a barrel on Monday, as market players looked to China GDP which could provide more evidence of a slowdown in the global recovery.
Brent prices dropped 1.24% around $49.54 a barrel, at 08:25 GMT. Crude oil dropped 1.44% around $47.98 a barrel.
Oil prices continue to draw strength from the positive comments made by the International Energy Agency, which helped ease concerns over a glut in global supplies.
Meanwhile, Investors anticipating the Chinese GDP data today. Market analysts expect China`s economy to grow in the fourth quarter by 7.2%, slightly down from growth rate of 7.3% a quarter ago, which was the weakest in 24 years.
Investors are also waiting for the European Central Bank’s interest rate decision on Thursday, to see if the bank would embark quantitative easing plan this week.
On the currencies front, the ECB decision will increase pressure on the euro after the last surprising decision from the Swiss National Bank to end its minimum exchange rate of 1.20 franc/euro.
The United States today celebrates the Martin Luther King day, which is expected to cause a state of volatility in the market amid low trading volumes.
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