Oil price slumps US$3\/bbl on gasoline stockpiles, rate hikes and resuming supply
Brent crude LCOc1 futures settled at $103.86 a barrel, falling US$3.06, or 2.9%. U.S. West Texas Intermediate crude CLc1 settled at $96.35 a barrel, declining $3.53, or 3.5%. Both were down more than $5 earlier in the session.皇冠正网app（www.hg108.vip）是一个开放皇冠正网代理APP下载、皇冠正网会员APP下载、皇冠正网线路APP下载、皇冠正网登录APP下载的皇冠正网平台。皇冠正网APP上最新登录线路、新2皇冠官方正网更新最快。皇冠正网APP开放皇冠官方会员注册、皇冠官方代理开户等业务。
NEW YORK: Oil prices fell more than US$3 a barrel on Thursday on higher U.S. gasoline stockpiles and after a European Central Bank (ECB) rate hike stoked demand worries, while returning oil supply from Libya and the resumption of Russia's gas flows to Europe eased supply restraints.
Brent crude LCOc1 futures settled at $103.86 a barrel, falling $3.06, or 2.9%. U.S. West Texas Intermediate crude CLc1 settled at $96.35 a barrel, declining $3.53, or 3.5%.
Both were down more than $5 earlier in the session.
U.S. gasoline futures RBc1 settled at $3.15, losing 13 cents, or 3.8% following a jump of 3.5 million barrels of the commodity in storage last week, U.S. government data showed on Wednesday, far exceeding analyst forecasts. EIA/S
"If you don't need the gasoline, then you don't need the crude oil to make the gasoline, and that's the math that's killing crude oil right now," said Robert Yawger, executive director of energy futures at Mizuho.
Oil futures trading volumes have also been thin and prices volatile as traders attempt to square weaker energy demand with tighter supply resulting from the loss of Russian barrels after the country's invasion of Ukraine.,
Flows through Russia's Nord Stream 1 natural gas pipeline, which runs under the Baltic Sea to Germany, partially resumed after being shut for maintenance on July 11. The pipeline had already run on reduced volumes following a dispute sparked by Russia's invasion of Ukraine.
"The resumption of Nord Stream gas flows appears to be conjuring up images of a more conciliatory posture on the part of Russia regarding continued movement of crude and products into Europe in the coming weeks/month," said Jim Ritterbusch of Ritterbusch and Associates in a note.
The European Central Bank on Thursday joined many other central banks in raising interest rates, focusing on fighting runaway inflation rather than the economic downturn, which can weigh on oil demand.
The Bank of Japan maintained ultra-low interest rates to stimulate stalling economic growth
On Wednesday, Libya's National Oil Corp (NOC) said crude production had resumed at several oilfields after the lifting of force majeure on oil exports last week.
The reduced flow on one of Canada's major oil export arteries, the Keystone pipeline, should only have a slight impact on oil deliveries, analysts said.- Reuters
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