Crude slides in Asia as EIA data drags on market sentiment

Crude slides in Asia as EIA data drags on market sentiment

On Thursday, crude sank in Asia because data on American inventories affected market sentiment and market participants shrugged off mildly upbeat China’s figures on refinery runs.

In New York, October delivery crude futures tumbled 0.16% being worth $49.22 a barrel. At the same time in London Brent futures sank 0.24% trading at $55.03 a barrel.

In August, Chinese refineries managed to process 6.5% more crude than in 2016 at 47.12 million metric tons because domestic crude output went down 3.1% hitting 5.96 million metric tons.

Overnight, crude prices settled higher because bearish data telling that American supplies of crude grew more than expected was supplanted by a report from the International Energy Agency claiming that global crude demand this year will inch up by the most since 2015.

Inventories of American crude tacked on by approximately 5.9m barrels by September 8, thus ruining expectations for a leap of 3.2m barrels.

 

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