Yesterday, oil prices showed confident growth. That is why they have entered the retracement stage today. Higher inflation in China is one of the bearish factors pressing the crude oil market. Fuel price may be raised in the near future.
However, there is one bullish factors supporting oil prices: Saudi Arabia has cut its oil production by 4.9% down to 9.025 million barrels a day, which is the lowest production volume in 19 months.
The Brent crude oil futures contract for February delivery is down by $1.27 or 1.14%. The current price is $110,66/b (ICE Futures, London).
The WTI ICE Futures contract for February delivery is down by $0,59 or 0,63%. The current price is $93,25/b (Newy York).
The chart below, courtesy of , reflects the current state of affairs in the market of WTI Oil:
