- Nymex crude oil futures for September delivery settled at their lowest price since March 2009, falling $1.07 (-2.5%) to $42.23/bbl, after braking below the widely watched March 2015 multi-year low of $42.03; Brent crude oil was down $0.60 at $49.60.
- Analysts say macroeconomic factors including a strengthening dollar, falling stock markets and continued concerns about growth in China - a key driver of oil demand growth - weighed on prices.
- Losses deepened this morning after Cushing, Okla., stockpiles reportedly rose more than 1.3M during the week to Aug. 11, adding to fears that the outage at BP's 413K bbl/day Whiting, Ind., refinery would cause stocks of surplus crude to swell; if confirmed, it would be the biggest Cushing build since March.
- Energy stocks badly lag the broader market, with the XLE -1.3% vs. the S&P +0.2%.
- Earlier: Oil takes out new bear market low
- ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, DIG, DTO, DUG, BGR, USL, IYE, IEO, DNO, FENY, PXE, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG