Crude oil prices slump to new multi-year lows
Brent crude on the ICE Futures Europe exchange for November slumped $3.85 to $85.04/barrel on October 14, the lowest settlement since November 23, 2010. Brent oil prices have declined 23% this year. NYMEX November crude futures also dipped $3.90 on Tuesday to settle at $81.84/barrel, the lowest close since June 28, 2012. It was the largest decrease since November 7, 2012.
In global naphtha markets, spot prices in Asia have lost around $65/ton week over week to reach $740-745/ton CFR Japan while European naphtha prices also decreased $55-60/ton on the week to be quoted at around $700-705/ton CIF NWE, the lowest level since September 2010, according to data from ChemOrbis Price Wizard.
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