Futures prices continued to fall associated to crude oil continued investor fears that the global supply will exceed demand, as happened last year despite the turmoil in the main producing areas such as the Middle East and North Africa. In electronic transactions on the New York Mercantile Exchange prices fell, light sweet crude for February delivery fell 27 cents to 95.29 dollars per barrel. The settlement price of decades past weekend $ 95.56. There was no settlement price for the first Monday because it was a public holiday in the United States.
At the previous meeting futures prices fell for Brent to below $ 112 a barrel, ending a rally that lasted three days. Futures fell to Brent crude for March delivery 18 cents to 111.71 dollars at the settlement. The contract price fell WTI futures in electronic trading on nine cents to $ 95.47 a barrel after touching its highest level in four months last week.
Overshadowed by economic woes and concerns of oversupply fears of unrest in North Africa. The global oil supply exceeded demand in 2012 the entire causing inflation stocks and provided significant support factor to counter any possible disruption in supplies. The organization began the Petroleum Exporting Countries (OPEC) to cut production and pumping less significant quantities during more than a year in December in an effort to prevent the decline in prices. However, many investors say that this action may have come too late and is likely to fall in oil prices in the next few weeks.
And renewed concerns about the global economy and its impact on the demand after U.S. consumer confidence fell to its lowest level in years in January amid a state of uncertainty about the debt crisis faced by the country. And confirmed worries about demand after a report of OPEC last week pointed out that the oil supply will outweigh much demand in the first half of 2013 even after Saudi Arabia cut production late last year.
Data from the Korean National Oil Corporation, South Korea imported 56.15 million barrels of crude oil from Iran last year, down 35.6% from the previous year with imports affected sanctions imposed on Tehran. And bought the fifth-largest importer of crude oil in the world 79.73 million barrels of crude in December, down 0.8% on an annual basis. Of this total volume of imports from Iran 5.72 million barrels, up 24.8% from the same period a year ago.
Compared with November and fell imports of Iranian crude oil 2.5% last month, according to figures. And resumed South Korean refiners import Iranian crude oil late September and received shipments began in October and quantities amounted to about 200 thousand barrels per day, or full contracted volumes after that and found a way to circumvent the ban imposed by the European Union on the insurance cover.