Brent drops 10%, WTI sees below 30$/bbl during Monday trading
China’s record-low industrial output was cited as another factor to put downward pressure on oil prices.
In intraday trading, U.S. West Texas Intermediate (NYMEX) crude oil is currently trading at $29.08/barrel, down $2.65 or 8.35% on a daily basis. The other international benchmark, ICE Brent is now hovering at around $31.89/barrel, indicating a daily drop of $3.55 or 10.02% at the time of writing.
Global crude oil prices have been on a downward path since late February, with both benchmarks losing nearly 40% so far, according to the weekly average of ChemOrbis Price Wizard.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets
- European PP, PE markets open 2023 with renewed drops
- Tight supply keeps expectations bullish in Turkey’s PVC market
- End of China’s ‘zero-COVID’ stance: Double-edged sword for Asia PVC, PP and PE markets
- Mid-Eastern sellers approach China, SE Asia and Turkey with firmer PP, PE prices for Jan
- Egypt’s local PE, PP markets head north as pound plunges to new low
- Styrenics markets reverse slump after months-long downtrend in Europe