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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 5th May to $46.40 and $49.35 per barrel respectively, reductions of 6.0% and 5.1%.

Global oil prices fell to a five-month low as concerns re-surfaced about the ongoing worldwide glut. Both WTI oil and Brent Crude fell below $49 a barrel on Thursday, hitting their lowest levels since oil cartel OPEC struck a landmark deal to cut output by 1.8 million bpd on 30th November last year.

OPEC and other oil nations are meeting on 25th May where they will discuss the success of the six-month cutback and whether it should be deepened, but Russia, one of the non-OPEC countries to sign up to the cuts, has given mixed signals about whether it would continue.

Soaring US production, which has risen over 10 percent since mid-2016 to 9.3 million bpd, levels not far off top producers Russia and Saudi Arabia, continues to pressure oil prices. Data released on Tuesday indicated that US crude stocks fell 930,000 barrels last week. Analysts had been expecting a drop of 2.3 million barrels.

European polymer prices fell over the week with reductions of between 10 and 180 Euros per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, ABS and Polystyrene. Prices in the UK region of Europe fell across all grades as the Pound regained further ground against the Euro.

Asian polymers fell with reductions of between $5 and $45 per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, ABS and Polystyrene. There was an increase of $15 per tonne noted in the price PET. In China, the prices of LDPE and LLDPE remained unchanged.

US polymers remained static apart from a reduction of 4 Cents per pound reported in the price of Polypropylene.