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U.S. crude oil plunges another 2.5%, lowest since March 2009

Aug. 13, 2015 3:15 PM ETUCO, XLE, IYE, OIH, VDE, PXE, PXJ, USO, IEO, XOP, OIL-OLD, BGR, FIF, RSPG, DBO, DUG, DIG, FXN, USL, DDG, DTO, OLO-OLD, ERY, ERX, SCO, DNO, BNO, UWTI, DWTI, NDP, FENY, SZOXF, OILBy: Carl Surran, SA News Editor46 Comments
  • 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

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