Crude Oil Benchmark Brent Sees Biggest One-Day Fall In Two Years

Crude Oil Benchmark Brent Sees Biggest One-Day Fall In Two Years
Global benchmark Brent crude oil had its biggest one-day drop in two years.

Washington had previously said countries must halt all imports of Iranian oil from Nov. 4 or face U.S. financial restrictions, with no exemptions.

The market shrugged off bullish U.S. government data showing crude stockpiles slumped by nearly 13 million barrels last week, the biggest slide in nearly two years. Supply to the U.S. market has also been squeezed by the loss of some Canadian oil production.

"In spite of the extraordinary draw in crude oil inventories, the market is under pressure after refiners produced a record amount of gasoline this week and in conjunction with a greater than expected build in distillate inventories," said Andrew Lipow, president at Lipow Oil Associates in Houston.

During the session, CME Group said a technical issue impacted connectivity for some customers. "Our markets remain open while we work directly with customers to resolve the issue,” a CME spokesman said in an emailed statement.

(Reporting by Jessica Resnick-Ault, additional reporting by Christopher Johnson in London and Aaron Sheldrick in Tokyo; Editing by Richard Chang, and Clive McKeef)

Copyright 2018 Thomson Reuters.


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