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In the early morning of October 18, Beijing time, the price of the US benchmark crude oil futures closed down on Monday, hitting the lowest closing price
in two weeks.
In the past 6 trading days, WTI crude oil futures have recorded 5 trading days of decline
.
Investors' fears of stagflation in the U.
S.
economy — that is, a shrinking economy and rising consumer prices weighed on
oil prices.
WTI crude for November delivery on the New York Mercantile Exchange closed down 15 cents, or 0.
17 percent, at $85.
46 a barrel, its lowest close in two weeks
.
But while crude oil futures prices were lower, New York diesel futures rose sharply 2.
6 percent on Monday to close at $
4.
0852 a gallon.
The rise in the price of diesel futures in the United States has become a special case in the futures market, because diesel exports have increased significantly, and diesel exports now account for 30% of production, reducing diesel supply in the United States by 23% compared with normal levels, and raising concerns about the shortage of diesel supply in
the United States.
