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Oil prices plummeted 3% as stocks fell and stocks climbed









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发表于 2018-10-12 14:40:59 | 显示全部楼层 |阅读模式
Oil prices fell to a two-week low on Thursday, as global stock markets fell and US crude oil inventories increased more than expected, making investor sentiment more pessimistic.
Brent crude LCOc1 fell $2.83, or 3.41%, and settled at $80.26 a barrel, hitting a low of $79.80 since September 24. The global indicator contract hit a four-year high of $86.74 on October 3 and has been falling since then.

US crude oil CLc1 fell by 2.2 US dollars, or 3.01%, and the settlement price was reported at 70.97 US dollars per barrel, hitting the lowest since September 21.

The US Energy Information Association (EIA) said US crude oil inventories USOILC=ECI increased by 6 million barrels last week, more than double the analyst's estimate of an increase of 2.6 million barrels.

“The increase in crude oil inventories reflects the reduction in refinery production due to maintenance,” said Andrew Lipow, president of Lipow Oil Associates.

The EIA data also showed that the refinery's daily refining capacity decreased by 352,000 barrels, and the refinery capacity utilization rate decreased by 1.6 percentage points.

The fall in the US stock market and the global safe-haven environment have also weighed on crude oil futures. US stocks tumbled on Wednesday, with the S&P 500 and the Dow Jones Industrial Average recording their biggest one-day drop in eight months, as strong economic data strengthened market expectations for multiple interest rate hikes in the coming year.

“The demand side of the oil supply and demand equation is always more difficult to distinguish than the more transparent supply side. As interest rates rise and the stock market declines, the oil market may begin to digest the worst-case scenario of oil demand expectations,” said Jim Ritterbusch, president of Ritterbusch and Associates. Written in the announcement.

The Security and Environmental Enforcement Agency (BSEE) said that due to the impact of Michael Hurricane, producers have reduced crude oil production in the US Gulf of Mexico by about 40%, although some operators have begun to return employees to offshore platforms.

BSEE quoted 30 companies as saying that it is equivalent to a daily reduction of 680.107 million barrels.

On Wednesday, Hurricane Michael arrived in Florida and became the third-strongest hurricane in the United States, after which it weakened into a tropical storm.


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