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Brent Looses Footing on U.S. Inventory Data

Brent crude oil fell on Monday morning as future demand predictions fell and the fiscal cliff buoyancy wore off. Brent traded at $111.25 on Monday morning, following U.S. data released on Friday which showed crude imports dropped significantly.

The effects of the U.S. fiscal cliff deal have worn off, and investors have turned their attention to the most recent U.S. oil inventory data, which painted a worrying picture. According to CNBC , the data showed a steep drop in crude imports as well as an upsurge in refinery products which caused many to question future demand in the world's number one oil consumer.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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