Oil Prices Plummets In Euros Says French Research

Figures from France’s National Institute of Statistics and Economic Studies (INSEE), have revealed that crude oil prices in euros slumped by a huge 18% in January.

In December last year, the cost of crude oil also suffered a major slide of 16.4%.

The INSEE calculated that the average price of a barrel of crude was EUR28.4, compared to January a year ago, the price has declined by 31.8%, as then crude was EUR was 41.6 a barrel.

This is the lowest price in euros for crude oil since December 2004.

So far, the INSEE highlighted that there has been no international agreement to crimp the production of oil, a major factor of why prices have precipitated.

The supply of oil from the North Sea remains excessive, and outstrips the level of current demand in the market.

Also, sanctions have been lifted against Iran, who can now participate on the oil market, which is certain to lead to more oversupply.

The International Energy Association believes that the Iranian presence in the market will lead to an extra 300,000 barrels a day being produced.

Other estimates have said that as many as 500,000 barrels a day will be generated by Iran.

The INSEE also found that due to the depreciated of the euro, the fall in oil prices was more evident in US dollars, per barrel the price of crude dropped by 18.3%.

Production in Construction Down by 0.6% in Euro Area

The construction sector eased in December last year compared to November by 0.6% in the euro area, and by a slender margin of 0.1% across the European Union (EU).

The results released by Eurostat was a sharp turnaround from November, as activity in construction grew by 0.9% in the euro area and by 0.7% in the EU.

Year on year, the construction industry for December last month compared with December 2014, fell by 0.4% in the euro area, but in the EU, the sector grew by 1.4%.

For the whole of the last year, the average output in construction was 1% down on the whole of 2014.

The highest monthly increases in construction that was found in the member states was in Romania on 5.8%, Slovakia 4.3%, and Sweden 2.6%.

In contrast the largest decrease was found in Slovenia, whose construction industry had fallen by a considerable 12.5%.

They were followed by France who fell by 1.6%, and then the Netherlands who experienced a contraction by 0.9%.

UK Unemployment Figures Stay at 10 Year Low

 The latest data on unemployment figures in the UK showed that the amount of those out of work fell by 60,000 to 1.69 million, between October and December.

From the figures released, the employment rate in the UK is now the highest since comparable records began in 1971.

There are now 521,000 more people in work than compared than for the same period a year ago. And a rise of 205,000 in contrast to the previous quarter, between July and September.

Average weekly earnings for employees in Britain increased by 1.9%, including bonuses, and by 2 % excluding bonuses compared with a year earlier.