Oil Begins New Year With a Loss

Oil Begins New Year With a Loss
AP Photo/Richard Drew

Crude oil trading in the new year began with a slide, with Brent crude trading at US$53.12 a barrel at the time of writing, down 1.26 percent, and West Texas Intermediate at US$44.92 a barrel, down 1.08 percent.

Benchmarks remained pressured by rising U.S. production, which, according to the EIA averaged 11. 7 million barrels daily in the third week of December, and global economic growth worry, reinforced by the latest industrial activity data from China, which signaled a contraction.

According to a Reuters report, factory activity in China fell in December for the first time in more than two years in the latest indication that the trade war with Washington is taking its toll on one of the world's largest and fastest-growing economies.

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