Crude oil ** settlement price fell 3.5% on Wednesday as US oil inventories increased significantly and there are signs that demand continues to slump.
The October contract of the New York Mercantile Exchange, which is scheduled to expire on Thursday, fell by 3.31 U.S. dollars to $91.98 per barrel, the largest one-day drop since July 23, and the price was set to fall on August 3. The lowest level since.
The ICE Brent November crude oil contract settled at $3.84, the lowest since August 2 at $108.19 a barrel, down 3.4%.
In the past three trading days, the price of New York crude oil prices fell by 7.12 US dollars, a decrease of 7.1%, mainly because of concerns about the pace of global economic recovery and the prospects for oil demand growth lingering.
Owing to indications that US oil production, processing, and import facilities have all recovered from the impact of Hurricane Isaac, the fall in oil prices intensified on Wednesday. However, the demand for gasoline products is still relatively weak.
The Energy Information Administration (EIA), a subsidiary of the US Department of Energy, announced on Wednesday that crude oil inventories increased by 8.5 million barrels last week, which was higher than the analyst’s previous estimate of 500,000 barrels.
At the same time, US oil demand is declining. In the past four weeks, the average daily oil demand in the United States was 18.233 million barrels, the lowest level in four weeks since June 1.
October RBOB gasoline ** contract settlement price fell 7.04 cents, to the lowest level since July 26 per gallon 2.8286 US dollars, a decrease of 2.4%. In the past three trading days, the price of gasoline fell by 18.7 cents, a decrease of 6.2%.
October heating oil ** contract settlement price fell 8.31 cents to the lowest level since August 14 per gallon of 3.044 US dollars, a decrease of 2.7%. In the past three trading days, the price of heating oil** fell by 19.55 cents, a decrease of 6%.
The October contract of the New York Mercantile Exchange, which is scheduled to expire on Thursday, fell by 3.31 U.S. dollars to $91.98 per barrel, the largest one-day drop since July 23, and the price was set to fall on August 3. The lowest level since.
The ICE Brent November crude oil contract settled at $3.84, the lowest since August 2 at $108.19 a barrel, down 3.4%.
In the past three trading days, the price of New York crude oil prices fell by 7.12 US dollars, a decrease of 7.1%, mainly because of concerns about the pace of global economic recovery and the prospects for oil demand growth lingering.
Owing to indications that US oil production, processing, and import facilities have all recovered from the impact of Hurricane Isaac, the fall in oil prices intensified on Wednesday. However, the demand for gasoline products is still relatively weak.
The Energy Information Administration (EIA), a subsidiary of the US Department of Energy, announced on Wednesday that crude oil inventories increased by 8.5 million barrels last week, which was higher than the analyst’s previous estimate of 500,000 barrels.
At the same time, US oil demand is declining. In the past four weeks, the average daily oil demand in the United States was 18.233 million barrels, the lowest level in four weeks since June 1.
October RBOB gasoline ** contract settlement price fell 7.04 cents, to the lowest level since July 26 per gallon 2.8286 US dollars, a decrease of 2.4%. In the past three trading days, the price of gasoline fell by 18.7 cents, a decrease of 6.2%.
October heating oil ** contract settlement price fell 8.31 cents to the lowest level since August 14 per gallon of 3.044 US dollars, a decrease of 2.7%. In the past three trading days, the price of heating oil** fell by 19.55 cents, a decrease of 6%.
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