{"id":82821,"date":"2015-12-22T06:24:26","date_gmt":"2015-12-22T11:24:26","guid":{"rendered":"http:\/\/countingpips.com\/?p=82821"},"modified":"2015-12-22T06:24:26","modified_gmt":"2015-12-22T11:24:26","slug":"oil-declines-to-new-11-year-low-as-production-continues-to-rise","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/12\/oil-declines-to-new-11-year-low-as-production-continues-to-rise\/","title":{"rendered":"Oil declines to new 11-year low as production continues to rise"},"content":{"rendered":"
December 22, 2015<\/div>
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Article by ForexTime<\/a><\/p>\n

Brent crude prices fell to its lowest level in eleven years on Monday, surpassing lows reached in the depths of the financial crisis, hit hard by a rise in global production that looks set to continue in 2016.<\/p>\n

Even though demand has been steady this year, crude inventories have continued to rise at a rate of 1 million barrels a day.<\/p>\n

Oil stocks in the developed world have ballooned to almost 3bn barrels \u2014 or more than a month of global oil supplies, according to the International Energy Agency.<\/p>\n

They are expected to keep rising in 2016 with higher exports expected from Iran, once OPEC\u2019s second-largest producer, when sanctions linked to its nuclear programme are lifted. At the same time demand growth is likely to slow from this year\u2019s fevered pace.<\/p>\n

Brent, the international oil marker, fell by as much as 2 per cent to $36.04 per barrel on Monday, its weakest since 2004 and below the financial crisis low of $36.20 reached on December 24 2008. It settled at $36.35, down 1.4 per cent.<\/p>

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Meanwhile, on the other side of the Atlantic, West Texas Intermediate, the US oil benchmark, settled up one penny at $34.74 a barrel, still more than $2 above its 2008 intraday low.<\/p>\n

The number of put options giving holders the right to sell WTI crude below $30 a barrel by June has risen by almost half this month to the equivalent of 12m barrels. Traders also hold about 4m barrels equivalent of puts to sell WTI below $20 by June.<\/p>\n

On Tuesday in Asia oil prices ticked higher after a pledge by Chinese economic planners of more \u201cproactive\u201d and \u201cflexible\u201d growth policies, with Brent adding 0.2 per cent to $36.43 a barrel and WTI climbing 3.8 per cent to $36.06.<\/p>\n

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\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>\n

ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 www.forextime.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Article by ForexTime Brent crude prices fell to its lowest level in eleven years on Monday, surpassing lows reached in the depths of the financial crisis, hit hard by a rise in global production that looks set to continue in 2016. Even though demand has been steady this year, crude inventories have continued to rise […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-82821","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/82821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=82821"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/82821\/revisions"}],"predecessor-version":[{"id":82837,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/82821\/revisions\/82837"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=82821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=82821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=82821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}