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WASHINGTON (Reuters) – A barrel of oil worsened its losses on Wednesday, losing more than 3 percent on weak Chinese and European economic data and rising US crude inventories, while South Korea said it did not import of Iranian oil in July, in accordance with US sanctions.
US light crude futures were $ 55.23 on Wednesday, down 3.27%, while Brent crude fell 2.97% to $ 59.48.
Preliminary data provided by Korean customs showed that South Korea had not imported Iranian oil last month, compared with 788,651 tonnes imported the same month of last year.
The world's fifth largest oil buyer imported a total of 11.5 million tonnes of crude last month, up from 12.9 million tonnes in July 2018, according to Reuters data.
In the United States, data from the Energy Information Administration showed Wednesday that petrol demand in the United States jumped 281,000 barrels a day to hit a record 9.93 million barrels per day last week.
On the other hand, data showed that crude oil inventories in the Midwest fell 3.3 million barrels last week to 132.6 million barrels, its lowest level since the end of January.
Inventories of distillates, including diesel and fuel oil, increased 944,000 barrels to 47.2 million barrels, the highest level since March 2018.
China announced a surprisingly weak data set for July, including a sharp drop in industrial production growth, which reached its lowest level in more than 17 years, highlighting growing economic weaknesses badociated with intensification. of the trade war with the United States.
According to badysts, profit taking after Tuesday's strong rally also weighed on crude prices.
Crude oil prices rose on Tuesday after US President Donald Trump pulled out of the Sept. 1 deadline to impose 10% tariffs on some products, touching nearly half of the 300-dollar target billions of dollars from China.
Thursday August 15th, 2019
WASHINGTON (Reuters) – A barrel of oil worsened its losses on Wednesday, losing more than 3 percent on weak Chinese and European economic data and rising US crude inventories, while South Korea said it did not import of Iranian oil in July, in accordance with US sanctions.
US light crude futures were $ 55.23 on Wednesday, down 3.27%, while Brent crude fell 2.97% to $ 59.48.
Preliminary data provided by Korean customs showed that South Korea had not imported Iranian oil last month, compared with 788,651 tonnes imported the same month of last year.
The world's fifth largest oil buyer imported a total of 11.5 million tonnes of crude last month, up from 12.9 million tonnes in July 2018, according to Reuters data.
In the United States, data from the Energy Information Administration showed Wednesday that petrol demand in the United States jumped 281,000 barrels a day to hit a record 9.93 million barrels per day last week.
On the other hand, data showed that crude oil inventories in the Midwest fell 3.3 million barrels last week to 132.6 million barrels, its lowest level since the end of January.
Inventories of distillates, including diesel and fuel oil, increased 944,000 barrels to 47.2 million barrels, the highest level since March 2018.
China announced a surprisingly weak data set for July, including a sharp drop in industrial production growth, which reached its lowest level in more than 17 years, highlighting growing economic weaknesses badociated with intensification. of the trade war with the United States.
According to badysts, profit taking after Tuesday's strong rally also weighed on crude prices.
Crude oil prices rose on Tuesday after US President Donald Trump pulled out of the Sept. 1 deadline to impose 10% tariffs on some products, touching nearly half of the 300-dollar target billions of dollars from China.
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