European polymer prices fell over the week to 17th November. There were reductions of between 15 and 25 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE and Polypropylene. In the UK, prices rose against some grades as the Pound lost value against the Euro.
Asian polymers also fell with reductions of between 10 and 20 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene and ABS. In China, the prices of LDPE, LLDPE and Polypropylene were unchanged. The price of PET rose by 10 USD per tonne.
U.S. polymers were mixed with reductions of between 1 and 6 Cents per pound reported in the prices of HDPE, LDPE and LLDPE. The price of PET rose by 5 Cents per pound.
West Texas Intermediate and Brent Crude oil fell to $76.12 and $80.62 per barrel respectively, reductions of 1.4% and 1.3%.
Global oil prices rebounded from a four-month low, rising more than 4% on Friday, but still recorded slight reductions over the week.
Both benchmarks ended more than 1% lower, their fourth straight weekly decline, mostly weighed down by a rise in U.S. crude stocks and sustained record high production.
China’s deepening property crisis and slowing industrial growth also pressured prices.
OPEC+ is set to consider whether to make additional oil supply cuts when the group meets later this month.
Saudi Arabia, Russia and other members have already pledged total oil output cuts of 5.16 million barrels per day, which equates to around 5% of daily, global demand.