Crude oil prices plunged 6% on Wednesday, diving below US$35 ($49.90) per barrel for the first time since 2004 as data showing a shockingly large build-up of US gasoline supplies fed fears that a global surplus was still growing.
The sell-off, the biggest one-day drop for global benchmark Brent futures since the start of September, takes losses this year to more than 8%, a descent stoked by worsening Chinese economic data, the world's No. 2 oil consumer, and a fierce row between Saudi Arabia and Iran that some say may be more bearish than bullish.
The focus on Wednesday was US government data showing a 10.6 million-barrel surge in gasoline supplies, the biggest build since 1993, which some traders said signalled a slowdown in demand that could prolong the global glut. The figures overshadowed a 5.1 million-barrel fall in crude stocks.
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The sell-off, the biggest one-day drop for global benchmark Brent futures since the start of September, takes losses this year to more than 8%, a descent stoked by worsening Chinese economic data, the world's No. 2 oil consumer, and a fierce row between Saudi Arabia and Iran that some say may be more bearish than bullish.
The focus on Wednesday was US government data showing a 10.6 million-barrel surge in gasoline supplies, the biggest build since 1993, which some traders said signalled a slowdown in demand that could prolong the global glut. The figures overshadowed a 5.1 million-barrel fall in crude stocks.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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