Crude Oil Price Decreases in Asian Markets Continues
By : Abraham Sihombing And Aldo Bella Putra | Wednesday, August 30 2017 - 18:00 IWST
INDUSTRY.co.id - Jakarta - The price of crude oil in Asian markets declined in trading on Wednesday (08/30/2017). At 1040 GMT, the price of WTI (West Texas Intermediate) crude oil for October 2017 delivery contract fell 0.3% or 14 cents to US $ 46.30 per barrel. Brent crude for October delivery fell 0.38 percent, or 20 cents, to $ 51.80 a barrel.
The price of oil has declined in the last three trading days in a row because of market participants' anxiety about the decline in crude oil demand in the United States (US). Meanwhile, the issue of declining US crude oil inventories is still unable to lift crude oil prices in global markets.
In a study published Wednesday (30/08/2017), Asia Trade Point Future revealed, the emergence of anxiety market participants came from the closure of various US refineries when Hurricane Harvey crashed and cut more than 16% of US oil production capacity.
However, the issue of the decline in US oil reserves is still not able to lift the price of crude oil because of the prospect of falling demand for crude oil in the land of Uncle Sam's.
Meanwhile, according to data from the American Petroleum Institute (API), US oil weekly reserves fell 5.8 million barrels. While the US Energy Information Administration (EIA) report will be released on Wednesday (08/30/2017) local time. (Abraham Sihombing)