Home / Knowledge / News / Textiles / US fuel stock falls while oil price continues to escalate
US fuel stock falls while oil price continues to escalate
17
Apr '08
Oil prices hit new records with US $115 a barrel today as dollar dropped even further accompanied by a big fall in US gasoline stockpiles.

US crude for May delivery plunged one cent to $114.92 a barrel after hitting $115.21 in early electronic trade.

On Wednesday, oil prices touched $1.14 while London Brent crude rose 4 cents to $112.70 a barrel.

Experts believe that the major reasons behind rising prices are fall in US stocks and weakening dollar. However, what is surprising is that although US economy is slowing down, demand for the commodity is not growing.

Crude oil stocks fell 2.3 million barrels to 313.7 million barrels inspite of lower US processing rates that declined 1.6 percentage points to 81.4 percent of the capacity.

On the contrary, demand from China has been reflecting a strong surge with top refiners continuing to absorb high diesel imports for a sixth straight month.

PetroChina, the second largest refiner, has bought 300,000 tons of gas oil for May after Beijing allowed an import tax break into the second quarter. Growth in refining run rates in China remained strong in March at 6.8 percent.


Must ReadView All

Courtesy: Trinity Kubassek from Pexels

Textiles | On 19th Aug 2018

Australian wool production to fall 5.7% in 2018-19

Shorn wool production in Australia is likely to fall by 5.7 per cent...

Courtesy: Next Level Apparel

Apparel/Garments | On 19th Aug 2018

Blue Point Capital recapitalises Next Level Apparel

Blue Point Capital Partners has recapitalised Next Level Apparel, a...

Retailers approaching 100% inventory accuracy: Study

Apparel/Garments | On 19th Aug 2018

Retailers approaching 100% inventory accuracy: Study

With computer vision use cases maturing, Artificial Intelligence (AI) ...

Interviews View All

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Top executives
Textile & apparel bodies

Textile industry would like to see inclusion of cotton yarn under MEIS and ...

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Yash Jain & Sanjeev Jain

Divyam Export, launched about 30 years ago, exports to 15 countries,...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kazuaki Yazawa
Purdue University

Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search