Our website is made possible by displaying online advertisements to our visitors.

Please consider supporting us by disabling your ad blocker.
Sign in to follow this  
Followers 0
Fourth echelon

Oil sinks to six-month low amid weak data, slump in gasoline

2 posts in this topic

NEW YORK (Reuters) - Oil sank to six-month lows on Monday with Brent crude falling below $50 a barrel on sluggish U.S. and Chinese economic data and bets for weaker gasoline consumption in the United States after tearaway demand earlier in the summer.

Evidence of growing global oversupply and a stock market collapse in China, the world's largest energy consumer, have weighed on oil for weeks, leading in July to U.S. crude futures' largest monthly decline since the 2008 financial crisis.

On Monday, the rout deepened as U.S. gasoline fell its most in a day in 10 months.

Supply worries aside, traders pinned the latest losses on sluggish U.S. and Chinese data.

U.S. consumer spending advanced at its slowest pace in four months in June as demand for automobiles softened. Growth in Chinese manufacturing, meanwhile, unexpectedly stalled in July.

"Economic weakness has set the tone," said Matt Smith, director of commodity research at ClipperData, a New York-based energy database.

"But the gasoline crack spread is also unraveling," Smith said, referring to the difference between gasoline and U.S. crude prices, which sets the profit margin for refiners.

Brent <LCOc1>, the global benchmark for crude, was down $2.35, or 4.5 percent, at $49.86 a barrel by 2:05 p.m. EDT. Brent's session bottom of $49.52 was the lowest since Jan. 30.

https://ca.news.yahoo.com/oil-sinks-six-month-low-amid-weak-data-182418145--finance.html

 
 
 

Share this post


Link to post
Share on other sites

"stock market collapse in china"

I read stuff that says it was orchestrated to not let the left know what the right is doing, and vice versa. Basically to cover up other plans they are doing. The thread might be on this site somewhere, or on others. Articles that came out after this did show the same. I will attempt to locate if it time permits. 

Edited by rbear
+

Share this post


Link to post
Share on other sites
Guest
You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   You have pasted content with formatting.   Restore formatting

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

Sign in to follow this  
Followers 0

Our website is made possible by displaying online advertisements to our visitors.

Please consider supporting us by disabling your ad blocker.