Crude hits 2-month low ahead of US inventory data
November 12, 2015, 2:39 pm   

Oil prices fell to a more than two-month low on Thursday as traders awaited a government report on U.S. crude stockpiles and after a sharp fall the previous day.

Futures had earlier steadied as demand for gasoline and technical buying offset worries about a large global supply glut.

Brent crude futures were down 48 cents at $45.33 by 7:51 a.m. EDT (1251 GMT) following a 3.4 percent fall on Wednesday.

U.S. crude futures were at $42.49 a barrel, down 44 cents and near its lowest intraday level since Aug. 28.

The Energy Information Administration will release its weekly read on crude inventories at 11 a.m. Thursday, one day behind schedule due to the Veterans Day holiday.

Gasoline margins in Europe have tripled since mid-October as low prices boosted consumption.

Demand is also strong in the United States, where gasoline importers on the East Coast are losing a trans-Atlantic tug-of-war over European supplies, outbid by Nigerian buyers anxious to avoid a holiday shortage.

"There is strength across the gasoline complex, which is supportive, and there is technical support as we reached the bottom of a two-month range yesterday," said Olivier Jakob, oil analyst at Petromatrix in Zug, Switzerland.

Brent is still down more than 3 percent this week after a 4.3 percent fall last week on worries about a global glut and little sign of significant cuts in production.

Sentiment has also been hit by a growing sense that Asia`s two biggest economies were slowing sharply after China`s factory output growth eased further.

The slowdown in China has pulled down the entire commodity sector, with products such as crude, copper, liquefied natural gas, coal, and iron ore down between 20 and 30 percent this year.

Adding to demand worries are fears that Japan`s economy may have fallen into recession and that emerging markets across the world are struggling with a debt mountain that threatens growth.


m1.png m2.png m3.png m4.png m5.png
f1.png f2.png f3.png f4.png f5.png
+ =
Exchange Rates
EUR/USD 1.0594
EUR/BRL 3.413
EUR/AUD 1.4172
EUR/TRY 4.0056


Jan17      03:47
  1. Humidity 47%
  2. Downwind
  3. Winds 0 kph
Latest Videos
VIDEO: The Biology of Bliss and the Human OS - Jamie Wheal
Terror and Tourism: Changing the Travel Landscape
Earth In 2050 - HD Documentary 2015
The drive for gender equality in corporate Japan
Plane touches down then aborts during storm (VIDEO)
The Fermi Paradox II — Solutions and Ideas – Where Are All The Aliens (VIDEO)
Money Survival Tips for Millennials (VIDEO)
Lightning strike explodes a tree (VIDEO)
The Moons of Mars Explained (VIDEO)
3 Reasons Why Nuclear Energy Is Awesome! (VIDEO)
3 Reasons Why Nuclear Energy Is Terrible! (VIDEO)
Nuclear Energy Explained: How does it work (VIDEO)
Latest Photos
best cities for small businesses
Best Jobs in America (PHOTOS)
Inside the coolest private jets (PHOTOS)
The best hotel club floors in the world
Winning Images from the 2015 National Geographic Traveler Photo Contest
PHOTOS: Raging Wildfires Prompt Major Evacuation
Amazing Geometry Cities from air - Photos
Photos Bangkok Get snow - Opens Snow Village
Stunning Summer Aerials from Around the World (PHOTOS)