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Oil prices dropped heavily last night as markets ignored bullish stock data

By A/S Global Risk Management.



Michael Poulson, Global Risk Management. Image credit: Global Risk Management


Updated on 12 Jul 2018 07:25 GMT

Oil prices dropped heavily last night as markets ignored bullish oil stock data and turned attention to Libya, OPEC report and additional U.S. tariffs

Oil prices fell as Libya announced the reopening of key oil export terminals and expected the export to be back to normal levels during yesterday. Earlier this week, the National Oil Corporation announced that production was down to around 0.5 mio. barrels per day. Allegedly, production could increase by more than 800,000 barrels per day, but output remains fragile in the war-torn country.

President Donald Trump threatens to impose fresh tariffs on $200 billion in Chinese goods. The U.S. could target tariffs on more than $500 billion worth of Chinese goods - this is roughly the total amount of U.S. imports from China last year. China vows to retaliate to the move. The news sent markets lower as stocks declined, the dollar gained, and commodities slid. China's yuan weakened

The monthly oil market report from OPEC was published yesterday. In the report, OPEC foresees a drop in global demand for OPEC crude oil next year of 760,000 barrels per day to 32.18 mio. barrels per day. Today, the International Energy Agency (IEA) will release its monthly outlook as well.

U.S. crude inventories fell 12.6 million barrels last week, according to the EIA. This was almost three times more than consensus. Gasoline inventories fell slightly whereas distillates stocks increased by 4 mio. barrels.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






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