European and US polymers mixed, Asian fall. WTI and Brent Crude mixed

European polymer prices were mixed over the week to 22nd July. There were reductions of between 20 and 45 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene and ABS. There were increases of 30 EUR per tonne noted in the prices of PET and Polystyrene. In the UK, the price of PVC rose by 10 GBP.

 

Asian polymers fell with reductions of between 10 and 150 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC, ABS and Polystyrene.

 

U.S. polymers were mixed with reductions of 4 Cents per pound reported in the prices of HDPE, LDPE and LLDPE. There was an increase of 21 Cents per pound noted in the price of Polystyrene.

 

West Texas Intermediate oil fell to $95.76 per barrel, a reduction of 1.8%. Brent Crude rose to $103.76 per barrel, an increase of 2.6%.

 

Global oil prices were mixed this week after the European Union said it would allow Russian state-owned companies to ship oil to non-EU countries under an adjustment of sanctions agreed by member states this week.

 

Data showed that U.S. gasoline demand had dropped around 8% from last year in the midst of the peak summer driving season, hit by record prices at the pumps.

 

In contrast, signs of strong oil demand in Asia has supported Brent crude, which rose for the first time in six weeks.

 

Prices are being limited by concerns of further interest rate hikes that could slash demand and the resumption of additional Libyan crude oil output.

 

Libya’s oil production is more than 800,000 bpd and will reach 1.2 million bpd by next month, the Libyan oil ministry said.

 

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