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Oil flows to two-month lows on bear news



The oil market was shaken only a few weeks ago due to a major attack on Saudi oil infrastructure that saw 5.7 million barrels taken offline, but you never knew it when looking at oil prices. Oil prices on Thursday fell to their lowest levels since early August, confirming a slowdown in global economic growth and rising oil reserves in the US more than offset all price increases since last month's attack on Saudi oil infrastructure.

As of 10:23 am EDT on Thursday, the WTI Crude was down 2.83 percent at $ 51.15 and Brent Crude was trading 2.27 percent at $ 56.38.

Oil prices are now lower than they were on the eve of attacks on critical Saudi oil facilities, after the Kingdom has recently assured the market in recent weeks that no oil resignations will be missed and production capacity restored. The market, however, proved decisively bearish this week, receiving a series of economic data and forecasts showing that global economic growth is slowing.

"We see that the global economy is going through a gradual, synchronized slowdown," David Lipton, first deputy, said on Tuesday the managing director of the International Monetary Fund (IMF).

Also Tuesday, the World Trade Organization (WTO) made its trade forecast for 201

9 and 2020, citing "escalating trade tensions and slowing global economies" and macroeconomic risks "firmly inclined to decline."

The Energy Information Bureau's weekly inventory report on Wednesday showed a stockpile of 3.1 million barrels a week before September 27, which is higher than analysts' expectations of a modest 1.57 million barrel build and against the American Institute Oil (API) estimates a large crude oil supply of 5.92 million barrels.

"The oil market continues to decline below, now ICE Brent is trading well below $ 58 / bbl, 4.5% lower than the market previously traded before the Saudi Arabia attack. Negative macrodata this week when reported about the production of ISM in the US dropped to a 10-year low, did not help, "said Warren Patterson, ING's head of commodity strategy and senior commodity strategist Wenyi Yao, on Thursday.

Tsvetana Paraskov for Oilprice.com

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