Oil prices were steady to lower as rising stocks and a worsening economic outlook offset the impact of an EU decision to impose an embargo on Iranian oil. Atlantic benchmark North Sea Dated was little changed in the week to 26 January at just below $109.50/bl, while US marker March WTI fell by less than $1/bl to below $100/bl. Prices lost their earlier gains after the IMF lowered its forecasts for global economic growth, and as Chinese GDP growth for the fourth quarter of last year came in below expectations. The EU’s decision to ban oil imports from Iran buoyed crude prices initially. The embargo makes spot purchases illegal immediately, but allows term con- tracts to continue until 1 July.
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