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Oil prices fell yesterday after rising for 8 days straight, on the London and New York Exchanges, halting last week's significant rise. The selloff was caused by the warning of the IMF on the state of the world's economy.
Christine Lagarde, the head of the IMF, made the following statement on Sunday:
"The world's economy is not yet out of the danger zone, given the fragility of the financial system and the higher prices of oil".
Moreover, in a reunion held at the end of last week, G20 countries have rejected the call of the Eurozone member states to increase the resources available to the IMF.
In this context, the price of West Texas Intermediate oil with April delivery, traded on the New York Mercantile Exchange, fell 1.1% at 10:18, to 108.54 dollars.
The drop had been even steeper (1.4%), coming after seven consecutive days of advance, caused by the tensions between the West and Iran - the second largest oil producer of the OPEC. Last week, the price of oil gained 6.3%, on the US market.
On the ICE Futures Europe market of London, the price of Brent crude with April delivery fell 1.1% yesterday, to 124.07 dollars.
Since the beginning of the year, the price of crude gained 10 percent, with investors worried that the sanctions levied by the West against Iran (because of the nuclear program) would affect the volume of oil delivered.
Analysts feel that the current correction of the price of oil is late, and that this week prices will remain stable.
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