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    Home > Chemicals Industry > Petrochemical News > Crude fell nearly $3 amid demand concerns over the U.S. midterm elections

    Crude fell nearly $3 amid demand concerns over the U.S. midterm elections

    • Last Update: 2023-01-06
    • Source: Internet
    • Author: User
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    News, Nov.
    8: International crude oil futures fell nearly $3 a barrel on Tuesday as concerns about fuel demand intensified and the outcome of the U.
    midterm elections uneasy

    By the close, the most actively traded West Texas Intermediate (WTI) December contract on the New York Mercantile Exchange (NYMEX) closed at $88.
    91 a barrel, down $2.
    88 or 3.
    from the previous session.

    Brent crude futures, the world's benchmark for January, closed at $95.
    36 a barrel, down $2.
    56 or 2.
    6 percent

    Analysts said traders were waiting for the results of
    the U.
    midterm elections.
    Tuesday's midterm elections in the United States will determine whether there will be a shift
    in power in Congress.
    Polls suggest Republicans are on track to win control of the House of Representatives and possibly control of the Senate
    Analysts say this potential outcome would lead to a split
    in the U.
    A Republican majority in Congress will weaken Biden's ability to
    pursue an expansionary fiscal policy program.

    In China, as the number of new cases surges, hopes of easing restrictions are even more elusive
    China is the world's number one crude importer and there are concerns that China's fuel demand will be adversely affected

    Meanwhile, U.
    gasoline and diesel supplies remain at disturbingly low levels ahead of the winter heating season, limiting the downside
    for crude oil prices.
    distillate fuel inventories in October were at their lowest level
    since 1951, according to the U.
    Energy Information Administration.

    The ICE exchange raised the initial margin rate for Brent crude futures near-term contracts by 4.
    92%, effective Tuesday's close, implying higher
    holding costs.

    The U.
    Energy Information Administration on Tuesday cut its outlook for U.
    energy demand for 2023 and forecast a 21 percent year-over-year increase in U.
    crude oil production next year that was 21 percent
    lower than previously expected.

    The American Petroleum Institute (API) will release last week's inventory data
    for U.
    crude and refined products after hours on Tuesday.
    Analysts expect U.
    crude inventories to rise by 1.
    1 million barrels
    last week.

    WTI crude is up 2.
    75% so far this month and 18.
    22% year-to-date, and closed Tuesday up 5.
    % year-on-year.
    Brent crude is up 0.
    56% so far this month and 22.
    60% year-to-date, and Tuesday's closing price is up 12.

    In contrast, WTI crude rose 55.
    5% in 2021, the biggest annual gain since 2009
    Brent crude rose 50.
    5 percent, its biggest gain since 2016, largely due to strong demand and limited
    supply growth.

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