{"id":61521,"date":"2014-10-07T08:48:55","date_gmt":"2014-10-07T12:48:55","guid":{"rendered":"http:\/\/countingpips.com\/?p=61521"},"modified":"2014-10-07T08:51:47","modified_gmt":"2014-10-07T12:51:47","slug":"crude-declines-on-oversupply-concerns","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/10\/crude-declines-on-oversupply-concerns\/","title":{"rendered":"Crude Declines on Oversupply Concerns"},"content":{"rendered":"
October 7, 2014<\/div>
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By HY Markets Forex Blog<\/a><\/u><\/strong> <\/p>\n

Crude prices declined after a downbeat German output raised concerns that the global oil demand will weaken before the US oil inventories data.<\/p>\n

Futures for the North American West Texas Intermediate (WTI) crude traded 0.53% lower to $89.84 per barrel on the New York Mercantile Exchange at the time of writing. While the European Brent crude for November settlement declined 0.55% to trade at $92.25 a barrel on the ICE Futures Europe exchange based in London.\u00a0<\/span><\/p>\n

The market is expected the North American WTI crude to rise to the $92 a barrel price level this week.<\/p>\n

In Germany, the nation\u2019s industrial production came in lower than expected, falling 4% in August from the 1.6% growth recorded in July, according the Economy Ministry in Berlin, the biggest decline since January 2009.<\/p>\n

While the slowing growth in China and Eurozone is expected to diminish the global oil demand.\u00a0 Last week WTI declined by 4.1% after Saudi Arabia reduced crude prices for November exports to Asia, while the Organization of Petroleum Exporting Countries (OPEC) increased production in September.<\/p>

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“Another distinct possibility with lower oil prices is an OPEC intervention to stabilize the market. If OPEC members, particularly Saudi Arabia decide to cut production, the supply-demand imbalance could even-out and further oil price declines may not be justifiable,”\u00a0Jasper Lawler, an analyst at CMC Markets, wrote in a note on Tuesday.<\/p>\n

US Crude Stockpile Report<\/span><\/h2>\n

Oil traders are expecting separate report about the US oil inventories from the Energy Information Administration on Wednesday and the American Petroleum Institute later in the day.<\/p>\n

The report from the Energy Information Administration is expected to show that the US distillate inventories declined by 1.5 million barrels in the week ended October 3, while gasoline supplies are forecasted to have fallen 500,000 barrels for a fourth weekly drop.<\/p>\n

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The post Crude Declines on Oversupply Concerns<\/a> appeared first on | HY Markets Official blog<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By HY Markets Forex Blog Crude prices declined after a downbeat German output raised concerns that the global oil demand will weaken before the US oil inventories data. Futures for the North American West Texas Intermediate (WTI) crude traded 0.53% lower to $89.84 per barrel on the New York Mercantile Exchange at the time of […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-61521","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/61521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=61521"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/61521\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=61521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=61521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=61521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}