|2019-08-02 来源： 中国石化新闻网|
裘寅 编译自 普氏能源资讯
Crude oil futures slump after Fed cuts
Crude oil futures were lower during mid-morning trade in Asia Thursday despite a draw reported in US crude inventory last week, as markets focused on the US interest rate cut which pushed the US dollar to multi-year highs.
At 10:30 am in Singapore (0230 GMT), the new front-month ICE Brent October futures fell 75 cents/b (1.15%) from Wednesday's settle to $64.30/b, while the NYMEX September light sweet crude futures contract dropped 76 cents/b (1.3%) to $57.82/b.
The US Federal Reserve on Wednesday lowered its interest rate target by 25 basis points to 2.00%-2.25%. The cut marked a reversal of Fed policy in which rates have either been flat or on the rise for more than a decade.
There is an inverse relationship between the US dollar and oil prices. A strong dollar is bearish for commodities in general, including oil.
"Asia markets look to remain in a state of gloom for the second day amid the back of the Fed disappointment," said Pan Jingyi, IG market strategist.
"Investors are concerned over US Fed Chairman Jerome Powell comment that last night's rate cut does not the mark the beginning of a long series of rate cuts," said analysts from UOB Bank in a note.
Crude prices turned bearish to the above news despite a draw reported in last week's US crude inventories, said analysts.
US commercial crude stocks for the week ended July 26 fell for the seventh straight week by 8.5 million barrels to 436.5 million barrels, according to data released by the US Energy Information Administration on Wednesday.
Refined products also fell with total gasoline inventories down 1.8 million barrels last week to 230.7 million barrels, and distillate stocks dropped nearly 900,000 barrels at 135.9 million barrels, the EIA data showed.
As of 0230 GMT, the US Dollar Index was up 0.26% at 98.59.