[에너지신문] On the 16th, international oil prices fell due to increasing concerns about a U.S. economic recession and expectations of easing oil supply concerns in the fourth quarter.
Korea National Oil Corporation (CEO Kim Dong-seop) announced that WTI, a West Texas crude oil, closed at $72.90 per barrel, down $3.76 from the previous day, and North Sea Brent crude oil closed at $77.42, down $3.76 from the previous day.
In addition, Dubai oil from the Middle East, which is applied as the domestic standard oil price, closed at $81.67 per barrel, down $1.56 from the previous day.
As the number of U.S. unemployment claims and retail sales indicators came out lower than expected, concerns about an economic recession increased.
As announced by the U.S. Department of Labor, the number of U.S. unemployment claims last week was 231,000, an increase of 13,000 from the previous week, and the Producer Price Index (PPI) in October fell 0.5%, down 1.0 percentage points from the 0.5% increase in the previous month.
U.S. industrial production decreased by 0.6% compared to the previous month, and U.S. retail sales also decreased by 0.1% compared to the previous month.
The dollar index, which represents the value of the US dollar against the currencies of six major countries, recorded 104.384, down 0.01% from the previous day due to signs of a slowdown in US employment indicators.
The increase in Saudi oil exports and data released by the US and China the day before eased concerns about oil supply.
Saudi oil output in September, announced by the Joint Organizations Data Initiative (JODI), was 5.754 million barrels, up 3% from the previous month.
As of the 10th of this month, U.S. crude oil inventories increased by 3.592 million barrels, exceeding market expectations.
China’s refining input in October was 15.05 million barrels, down from 15.48 million barrels the previous month.
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2023-11-17 00:33:24
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