Alarming economic data from global economic powerhouses continue to batter crude markets. China’s manufacturing sector reportedly shrunk again in September, for a third month in a row, the longest contraction since 2009, and in the meantime, as the German retail sales too fell 2.9 percent in August — the largest decline in four months — the US consumer spending slowed too.
Oil demand is falling. In the US it fell by 4 percent in July from a year earlier, to 18.555 million barrels a day — the lowest level for the month since 1996; revised government data released Thursday show.
US gasoline demand for the month too fell 3.7 percent to only 8.96 million barrels a day, the lowest level since 2000, despite the fact that July is regarded the peak month of the summer driving season. This is the fourth straight drop in year-on-year total oil demand after 14 consecutive year-on-year increases beginning in February 2010.
No comments:
Post a Comment