Reports of sharp drop in crude demand from USA pulls down oil prices

Brent North Sea crude for delivery in February declined to US$111.5 in London late afternoon trade, weakening on news of a sharp drop in demand from USA. A report from EIA indicated that inventories rose by 1.3 mln barrels in the week ending January 4. The build suggests demand is not quite as strong and supply remains abundant in the United States. Some important data releases are expected from China this week. Good numbers from thee country are expected to buoy oil prices.
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