Categories: world

Oil markets: US crude oil in focus

Oil prices fell more than 2 percent on Tuesday and released for a third consecutive session, as reports of swelling inventories and forecasts for records in the US and Russia combined with a strong sale on global equity markets. U.S. The West Futures Intermediate (WTI) raw futures fell $ 1.36 or 2.7 percent to a low of $ 48.52, the weakest since September 2017, before recovering to about $ 49.00 per 0840 GMT. Burned crude oil futures dropped $ 1.51 or 2.5 percent at a low of $ 58.10 and last traded around $ 58.61, down $ 1.00. Both benchmarks have fallen more than 30 percent since the beginning of October due to swelling global inventories. "A large part of the move (lower) is due to broader market sales, with both American and Asian stock markets as oppressors," said Warren Patterson, strategist at the Dutch bank ING in Amsterdam. "Especially for the oil market there are no clear signs other than market tightening, The Petroleum Exporting Countries and Other Oil Manufacturers Organization agreed to reduce production by 1 .2 million barrels per day (BPD), which represents more than 1 percent of global demand in an attempt to drain thoughts and increase prices. But the cuts will not happen until next month and in the meantime production has been in or near record heights in the US, Russia and Saudi Arabia, which undermines spot prices. Russian oil production hit record 11.42 million bpd this Oil production from seven major US slate…

Oil prices fell more than 2 percent on Tuesday and released for a third consecutive session, as reports of swelling inventories and forecasts for records in the US and Russia combined with a strong sale on global equity markets.

U.S. The West Futures Intermediate (WTI) raw futures fell $ 1.36 or 2.7 percent to a low of $ 48.52, the weakest since September 2017, before recovering to about $ 49.00 per 0840 GMT.

Burned crude oil futures dropped $ 1.51 or 2.5 percent at a low of $ 58.10 and last traded around $ 58.61, down $ 1.00.

Both benchmarks have fallen more than 30 percent since the beginning of October due to swelling global inventories.

“A large part of the move (lower) is due to broader market sales, with both American and Asian stock markets as oppressors,” said Warren Patterson, strategist at the Dutch bank ING in Amsterdam.

“Especially for the oil market there are no clear signs other than market tightening,

The Petroleum Exporting Countries and Other Oil Manufacturers Organization agreed to reduce production by 1

.2 million barrels per day (BPD), which represents more than 1 percent of global demand in an attempt to drain thoughts and increase prices.

But the cuts will not happen until next month and in the meantime production has been in or near record heights in the US, Russia and Saudi Arabia, which undermines spot prices.

Russian oil production hit record 11.42 million bpd this

Oil production from seven major US slate pools is expected to climb more than 8 million bpd for the first time at the end of the year, US Energy Information Administration said on Monday.

Stocks on the US Cushing, Oklahoma storage center, delivery point for the oil futures contract, island kidded more than 1 million barrels from 11 to 14 December, traders said and quoted data from market intelligence company Genscape. [19659003] The United States has outperformed Russia and Saudi Arabia as the world’s largest oil producer, with a total crude product climbing a record of 11.7 million bpd.

With falling prices, unprofitable slate producers will ultimately stop pushing a d “, lowering supply, but it may take some time, and in the meantime, inventories will continue to grow.

” The rising production levels in the US slate and a deceleration in it global economic growth has threatened to offset OPEC + efforts, “said Benjamin Lu Jiaxuan, based broker Phillip Futures.” Market confidence is still extremely sensitive. “

Share
Published by
Faela