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

West Texas Intermediate and Brent Crude oil prices rose over the week to 12th May to $47.91 and $50.87 per barrel respectively, increases of 3.3% and 3.1%.

Global oil prices recovered some recent losses after a fall in US stocks and a bigger than expected cut in Saudi supplies to Asia helped tightened the market.

The US Energy Information Administration said stocks showed the highest drawdown recorded this year with a reduction of more than 5 million barrels and at 522.5 million barrels, crude stocks were the lowest since February.

OPEC and other producers including Russia have agreed to cut output by almost 1.8 million bpd during the first half of the year to try to reduce the global fuel glut. OPEC meets on 25th May to decide on production policy for the second half of 2017 and most analysts expect the group to extend cuts until at least the end of this year.

Saudi Arabia told Asian refiners of its first cuts in crude allocations since OPEC’s output reduction took effect in January. Saudi Aramco will reduce supplies to Asian customers by about 7 million barrels in June.

European polymer prices fell over the week to 12th May with reductions of between 10 and 40 Euros per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, PVC 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 $30 per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, ABS and Polystyrene. In China, the prices of Polypropylene and PET fell by $15 and $35 per tonne.

US polymers also fell with reductions of between 1 and 11 Cents per pound reported in the prices of PET, Polypropylene, ABS and Polystyrene