Oil price extend losses as other markets fall, stockpiles climb

12 Octobre, 2018, 01:39 | Auteur: Auguste Feret
  • Oil price extend losses as other markets fall, stockpiles climb

Oil prices slumped to more than two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by a bigger-than-expected build in USA crude inventories.

An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China July 4, 2018.

But on Tuesday, the price of Brent crude went down by 44 cents or about half a percent; to reach 84.56 dollars a barrel.

As per a report in NDTV, out of the 220.4 million metric tonnes of crude oil imported by India in 2017-18, about 9.4 percent was from Iran.

The WTI Crude Oil market rallied significantly during trading on Tuesday, breaking above the top of the hammer from the Monday session. On Thursday, the Energy Information Administration reported a 6 million barrel increase in crude inventories from the previous week.

Again, U.S. West Texas Intermediate (WTI) crude was down by 41 cents, also about half a percent, to 74.55 dollars a barrel, after rising almost 1 percent in the previous session.

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US crude stockpiles rose more than expected last week, while gasoline inventories increased and distillate stocks drew, industry group the American Petroleum Institute said on Wednesday. On Wednesday, U.S. stock markets tumbled, with the S&P 500 and the Dow Industrials indexes posting their worst day in eight months, as solid economic data reinforced expectations of multiple interest rate hikes over the next year.

"We are very concerned", Barkindo said in response to a question about spare capacity, citing a continued decline in oil industry investment resulting from the market downturn.

"Prices are peaking at the most opportunistic time given waning global growth narrative", said Stephen Innes, head of trading APAC at OANDA in Singapore.

This was after a 1.3 percent gain earlier in the day. The US has asked buyers of Iranian oil to cut imports to zero starting in November.

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