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WTI and Brent Crude oil fall. European and Asian polymers fall, US static

West Texas Intermediate and Brent Crude oil prices fell over the week to 28th April to $49.17 and $51.87 per barrel respectively, reductions of 1.0% and 0.2%.

Global oil prices initially rose this week on news of reducing US oil stocks then fell back after the restart of two major Libyan oilfields.

Oil prices had rebounded after US government data showed a larger than expected reduction in crude stocks. The US Energy Department said stocks dropped by 3.6 million barrels last week, more than double what was expected. Prices then fell on the news that Libya’s Sharara and El Feel oilfields, which can produce nearly 400,000 bpd, returned to production after protests blocking pipelines ended.

OPEC Secretary-General, Mohammad Barkindo, has said that although the oil oversupply was declining, stocks needed to fall further, in comments that pointed to an extension in cuts which will be discussed at the next OPEC meeting in Vienna on 25th May.

European polymer prices fell over the week to 28th April with reductions of 5 and 20 Euros per tonne reported in the prices of Polypropylene and Polystyrene. Prices in the UK region of Europe fell across most grades as the Pound regained further ground against the Euro.

Asian polymers fell with reductions of between $5 and $25 per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene and Polystyrene. There was an increase of $25 per tonne noted in the price ABS. In China, the prices of PET and ABS fell by $10 and $45 per tonne.

US polymers remained unchanged apart from a reduction of 5 Cents per pound reported in the price of Polystyrene.