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On October 1, 2018, the logo is displayed on the side of the crude oil storage tank of the Ras Tanura refinery in Saudi Aramco and the state flax tank farm in Rasta Nura, Saudi Arabia.
On October 1, 2018, the logo is displayed on the side of the crude oil storage tank of the Ras Tanura refinery in Saudi Aramco and the state flax tank farm in Rasta Nura, Saudi Arabia.
Photo: Bloomberg photo by Simon Dawson.
On October 1, 2018, the logo is displayed on the side of the crude oil storage tank of the Ras Tanura refinery in Saudi Aramco and the state flax tank farm in Rasta Nura, Saudi Arabia.
On October 1, 2018, the logo is displayed on the side of the crude oil storage tank of the Ras Tanura refinery in Saudi Aramco and the state flax tank farm in Rasta Nura, Saudi Arabia.
Photo: Bloomberg photo by Simon Dawson.
Crude oil fell for the second day as the world's largest economic growth weakened its global growth prospects and supplied abundant crude oil.
On Tuesday, New York futures fell 1.5 percent. Expectations for resolving key issues in US-China trade disputes are becoming weaker, leading to a revival of energy demand. Meanwhile, the International Monetary Fund has cut its global growth outlook for the fifth time in 2019.
Michael Hiley, head of OTC energy trading with LPS Partners, said, “The US-China trade negotiations and demand concerns remain,” which puts weight on the market.
In addition to the US and China trade wars, investors are also focusing on increasing US supplies. The Energy Information Administration is seeing an increase of 58,000 barrels of oil per day at 88.9 million barrels a day in November in major shale plays across the United States.
West Texas Intermediate for November delivery dropped 78 cents to list at $ 52.81 a barrel on the New York Mercantile Exchange.
Previous: Crude Oil Falls as US-China Trade Negotiation Optimism Disappears
Brent Yu for a compromise in December dropped 61 cents to end the session at $ 58.74 a barrel on the London-based ICE futures European exchange and traded at WTI a premium of $ 5.86 for the same month.
The Chinese government wants a tariff refund for the trade war with the United States before President Donald Trump reasonably agreed to $ 50 billion in US agricultural products that he claims to be part of the initial deal.
Meanwhile, oil inventories in the US are expected to rise for five consecutive weeks. It will be the longest increasing sale since February. In a Bloomberg study, analysts found that stockpiles increased by 3 million barrels. The Energy Intelligence Agency will release a weekly inventory report on Thursday.
Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago, said, “The market has a lot of supply in the short run. Investors expect this week's supply to increase significantly due to low refinery utilization.
-With the help of Shela Tobben.
© 2019 Bloomberg L.P.