/ world today news/ Oil prices retreated on Wednesday in Asia on light trading volumes due to the year-end holidays, but movement was limited by an upward shift in US GDP.
Light crude (WTI) for February delivery fell 34 cents to $56.78 a barrel, while North Sea Brent crude, also for February delivery, fell 31 cents to $61.38.
The drop in the price of a barrel of crude oil, which has lost almost half its value since mid-June, is due to oversupply. The downward trend started already in November, after the decision of the Organization of the Petroleum Exporting Countries (OPEC) not to reduce their production.
However, the price of a barrel of crude oil in New York increased days before the end of 2014 due to the encouraging data about increased US GDP.
On Tuesday, WTI rose by $1.86 per barrel in New York (New York Mercantile Exchange -Nymex) to $57.12 per barrel. Brent crude ended at $61.69 in London (Intercontinental Exchange -ICE), up $1.58 from Monday’s close. /AFP
Singapore / Singapore
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