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Brent crude drops below $60/barrel on demand concerns

by ChemOrbis Editorial Team -
  • 15/08/2019 (10:06)
Crude oil futures declined for the first time after four consecutive sessions of gains, with Brent crude dropping below the $60/barrel threshold once again. The recent drops were driven by a second-consecutive weekly build in US crude supplies that US Energy Information Administration reported as well as mounting concerns over energy demand amid risks of economic recession.

ICE October Brent crude was down $1.82 to settle at $59.48/barrel on Wednesday. September (NYMEX) crude was also down $1.87 to settle at $55.23/barrel on Wednesday.

Weaker global economic outlook added further pressure on prices, feeding worries about demand. China’s industrial output growth was down to 4.8% in July compared to 6.3% in June. The reading indicated the weakest growth in the country’s industrial production since 2002 amid trade war fears.

Eurozone’s July manufacturing PMI came in at 46.5, the fastest rate of contraction in operating conditions since December 2012. July marked the sixth consecutive month that the PMI was below 50, which represents contraction.

These were linked to global trade tensions, slowing automotive sector and rising political uncertainties.
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