Oil extends drop as US slowdown concerns eclipse stockpile draw
时间:2024-06-26 08:43:41 阅读(143)
Oil retreated for the third time in four days as further signs of a US slowdown overshadowed a substantial draw in crude stockpiles. Global benchmark Brent dropped below $83 a barrel after closing 2% lower on Wednesday. The US economy stalled in recent weeks, the Federal Reserve said in its Beige Book survey, casting a cloud over prospects for energy demand. The dollar has also ticked higher, providing another headwind for commodities.
In Asia, meanwhile, gasoline markets are showing signs of weakness as profits from producing the fuel slump. Diesel is also lagging, with some refiners considering cuts to processing as margins decline. That’s weighing on prices of crude grades like Murban, which briefly traded in a bearish contango structure. Despite this week’s pullback, crude is still up from a 15-month low reached in mid-March following turmoil in the banking sector. A surprise announcement by OPEC+ on production cuts and curbed Iraqi flows have underpinned some of the gains, with expectations of a rebound in Chinese demand also supportive.
下一篇:Windfall tax cut on oil producers expected; hike in levy on ATF, diesel exports surprising- Analysts
猜你喜欢
- Equity MFs’ inflows surge 72% in January
- Oil extends gains on expectations of further OPEC+ supply cuts
- Petrol and diesel price August 2- Fuel cost steady; Check prices in Delhi, Mumbai, other cities here
- Nykaa shares fall 7% to hit new lifetime low; stock plunges 21% in a month; what should investors do-
- Elon Musk’s astounding surge in wealth- From $24 billion to $219 billion in just two years
- EbixCash ops in India insulated from Chapter 11 filing
- Petrol and diesel price May 31- Fuel cost steady; Check prices in Delhi, Mumbai, other cities here
- ED shuts case after row over summons to Dalit farmers with Rs 450 in their account
- Petrol and diesel price May 18- Fuel rates kept unchanged; Check prices in Delhi, Mumbai, other cities here