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Biggest weekly fall in crude oil futures to a 8 months

Biggest weekly fall in crude oil futures to a 8 months

United States NYMEX December crude oil futures on Friday (November 13) closed down $ 1.01, or 2.4%, to 40.74 dollars per barrel, oil prices Friday continued the falling trend, registered the biggest weekly decline in eight months, crude oil inventory increases weighed on the price of oil on land and at sea.

Meanwhile, ICE Brent crude for December futures closed down US $ 0.45, 1.04%, at $ 43.61 a barrel. 6.5-year low of less than $ 2. United States crude oil-2%, fall of almost $ 40 a barrel.  Both decreased by 8% this week, the biggest weekly decline since March.

prices in seven of the past eight sessions a day.  United States Government Thursday United States crude oil inventories increased for seven consecutive weeks, and after close to April's record highs, crude oil declines accelerated.

according to the Baker Hughes announced on Friday, United States between November 13 and total 2-574 outlet for oil drilling.  Use this data to predict changes in the crude oil production of the oil industry, which is increased oil drilling declined for 10 consecutive weeks for the first time, it adds more pressure to the oil price.

the International Energy Agency (IEA) said global had a record 3 billion barrels of crude oil and oil product inventories. Brent crude closed down 0.45 dollars at $ 43.61 a barrel, December contracts in recent months as the contract has expired. After dropping nearly $ 4. United States crude oil closed down $ 1.01 at $ 40.74 a barrel, down $ 3.65 this week.  Other oil products also fell, United States gasoline futures closed at a 10-month low.

IEA 2016 global oil demand is expected to increase by 1.2 million barrels a day, demand this year is expected to increase by 1.8 million barrels a day, and at 5-year highs. IEA says global inventory record of nearly 3 billion barrels of crude oil.  United States Government data released on Thursday showed excess supply of crude oil, crude supplies increased by 4.2 million barrels the week ended November 6. ClipperData analyst Matt Smith said, supply just shy of its record of 487 million barrels, as well as 37 tankers in Mexico Bay on stand-by to remove the oil.  Smith also said that OPEC and the IEA monthly report stimulated the market bearish sentiment.

fundamentals of petroleum products across the sluggish, stimulated the market this fall, and also widespread selling in commodity markets. Thomson Reuters core commodity CRB index close to its lowest level in 2002.  Hundreds of millions of barrels of crude oil and petroleum products storage of oil tankers at sea waiting to be sold.  

the International Energy Agency said high temperatures this winter, could further contribute to global inventory situation.

December 2016 United States oil contract last December United States crude oil contract rising waters hit a record high on Friday, as traders deferred shipments, expected future increases in oil prices.

 

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