Oil prices were heading for a seventh weekly loss today after several sources indicated that OPEC is showing no signs of reducing production despite a global supply glut.
Reuters reported that Brent crude futures declined 50 cents a barrel to $50.46, while US crude futures for February delivery were down 12 cents at $48.67 a barrel.
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Annual consumer inflation in China remained near its lowest in five years, adding further pressure to already unstable oil prices.
The news agency reported that for the first time since 2009, a contract to buy crude oil or any sort of refined product costs less if it is for immediate delivery than for future shipment.
Some of the world’s largest oil traders are using supertankers to store crude at sea, resulting in an abundant global supply.
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BNP Paribas has cut 2015 price forecasts for Brent and West Texas Intermediate crude by more than $10 per barrel to $60 a barrel and $55 a barrel respectively.
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By GlobalDataBNP Paribas were quoted by Reuters as saying: "Supply issues will dominate demand in terms of fundamental factors, with the market focusing on how the current supply surplus will ultimately resolve itself."
