Oil prices fall near $ 37 a barrel as the weak outlook

30 December 2015

Singapore December 30 (Reuters) - Crude oil prices fell in futures on Wednesday near $ 37 a barrel as the market remained under pressure due to slowing demand and large supplies as prices affected by expectations of short-period wave of cold weather in Europe and the United States.

Crude prices have dropped by about two-thirds of their value since mid-2014, where Increased production from members of the Organization of Petroleum Exporting Countries Countries (OPEC) and Russia and the United States to a global surplus of between half a million and two million barrels per day.

More recently, expectations began to slow demand, especially in Asia but also in Europe to put pressure on prices.

By 0621 GMT, crude was trading price of West Texas Intermediate futures to $ 37.22 a barrel, down 65 cents, or about 1.72 percent from the last settlement price in the previous session. Brent fell 33 cents to $ 37.46 a barrel.

And landed Khami measurement global prices earlier in the session to $ 37.11 and $ 37.22 per barrel, respectively. Traders said the drop resulted from several reasons, the most important was the weak close of trading records and expectations for next year.

Crude prices have come under more pressure in light of expectations to be a period of cold weather in Europe and the United States short.

It rose US and Brent Van about three per cent in the previous session in the hope that enhance the cold weather and low temperatures demand for oil for heating purposes.

However, the weather data for Reuters show that average temperatures in Europe are expected to come down from about five degrees Celsius currently towards normal seasonal at 2.4 degrees or below a bit by the third of January before rising to between six and eight degrees By the seventh of January.

(Preparation Islam Yahya Arab Bulletin - Edit Nadia Aljowaily)