Oil Drops as OPEC Comments and Inventories in Spotlight

Oct 11 14:10 2018 Print This Article

Oil prices slumped to two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by an industry report showing U.S. crude inventories rising more than expected.

Brent crude LCOc1 fell $1.95 a barrel to a low of $81.14, its weakest since September 26, before recovering a little to trade around $81.60 by 1200 GMT. Brent lost 2.2 percent on Wednesday. On October 3, it hit a four-year high of $86.74.

U.S. light crude CLc1 dropped $1.54 to $71.63 but then recovered to around $72.00. The contract lost 2.4 percent in the previous session.

Share markets in Asia plunged to a 19-month low on Thursday after Wall Street’s worst losses in eight months led to broader risk aversion, a rise in market volatility gauges and concerns over overvalued stock markets in an environment of rapidly rising dollar yields. [MKTS/GLOB]

Read More

About Article Author

Market Pulse

Established in 2006, MarketPulse is a free news site that provides full-time coverage of the world's largest financial markets, focusing on forex, commodities, and global indices research and analysis. Armed with a global team of securities analysts and strategists, Market Pulse provides timely, accurate, and informative research on major macroeconomic trends, technical analysis, and worldwide events that impact different asset classes and investors.

Related Items

Zooming Out - Is A Major Market Top In?

One of the things I have focused on when examining the US market as well as other markets around the world is the tops that have been created in the last 20 years.  There are multiple ways to look at tops. Rear view mirrors are great, but more importantly, can you mark significant tops on a ti ...

History Says To Watch Those 60 Minute Charts For Bottoming Clues

Market Recap for Friday, October 12, 2018 Finally, Wall Street saw buying pressure to end a trading session.  That certainly felt great psychologically, although as I point out below, I doubt that the short-term bottom is in.  It's possible, but the odds favor another short-term plunge.  For no ...

Pound suffers on Brexit stalemate

  Pound pressured at start of the week Weekend news that the latest Brexit negotiations had hit yet another stalemate pressured the pound at this week’s open. UK’s Financial Times reported that PM May is said to call the current draft Brexit deal a “non-starter” and as a result EU leaders ...

Asia Market Update :echoes of October past

Asia Markets  Asia shares are trading lower this morning led my losses on the Nikkei which is down 1.4 % ahead of a supplementary budget but the usual themes are weighing on local sentiment. Concerns over China -U.S. trade tensions, a possible slowdown in the Chinese economy and higher U.S. intere ...

Banks report the most cybersecurity incidents: report

Canadian businesses spent $14 billion on cybersecurity in 2017, StatsCan says The post Banks report the most cybersecurity incidents: report appeared first on Investment Executive. ...