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Crude oil prices slump to new multi-year lows

by ChemOrbis Editorial Team - content@chemorbis.com
  • 15/10/2014 (10:29)
Crude oil prices sank to new multi-year lows yesterday as the International Energy Agency (IEA) lowered their estimates for oil demand in 2014. According to the IEA, crude oil consumption will expand at its slowest pace since 2009 this year.

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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