Oil prices fell more than 3 percent on Monday, while the price of Brent crude oil fell to its lowest level for 11 last week.
At about 03 and 30 minutes of global crude West Texas Intermediate, the US benchmark oil price for delivery in February rose 1 cents to $ 36.82 and Brent crude for February delivery rose 2 cents to US $ in the value of US $ 36.64. Oil prices in these two contracts were down Tuesday morning.
Daniel Ang investment analyst at Phillip Futures in Singapore, said that lower oil prices could be caused by data showing a decline of Japan's industrial production 1.0 percent in November compared to October.
The data was released after separate figures last week showed lower inflation and falling the family's expenses.
Daniel, told AFP: often we do not see that Japan's data affecting oil prices, . But absent such big news in the United States, although small, this market shakes.
Reports that Saudi Arabia, the largest oil exporter would reduce the price of oil and its fuel subsidies as a response with the highest budget deficit to cope with the drop in oil prices also make the market concerned.
Bloomberg News, said that Saudi Arabia's 2016 budget may need to rely on crude oil prices of about US $ 29 a barrel. LA
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