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Falling crude oil prices and oversupply dragged benzene prices in Asian markets to fall sharply

 Last Update: 2022-11-26
 Source: Internet
 Author: User

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According to Axis News Singapore, October 25, dragged down by the sharp decline in crude oil prices, the Asian benzene market price fell sharply this week, and market fundamentals suggest that the pressure on the Asian benzene market price decline in the next few weeks is still great
.

According to Axis data, the spot price of benzene in the Asian market fell below $800/ton (FOB South Korea) this week, the first time this year it fell below this level
.
On Friday (October 19), the spot price of benzene in the Asian market closed at $803/ton (FOB South Korea).

Brent crude futures, the international benchmark, fell to around $77 a barrel this week amid the ongoing U.
S.
-China trade war and a downturn in global stock markets, after soaring as high as $85 a barrel
in September.

The International Monetary Fund's downward revision of global economic growth forecasts also hit the crude oil market
.
The IMF has cut global economic growth to 3.
7 percent next year from 3.
9 percent
.

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