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Monday, August 3, 2015

US crude is witnessing its largest drop since 2008

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US light crude posted its biggest monthly decline 21% since the financial crisis in 2008 after a series of losses in July, due to the Chinese stock market and signs that the decline in top oil producers in the Middle East pumped a record high quantities of crude.
The decline in the global Brent crude 5% last week and 18% last July. Shares of other petrochemical companies and also fell sharply with the decline in the sector index 4.4%. Hui and Red Sea Housing Services shares the maximum daily limit of 10%, after the company recorded a decrease of 58% in the second quarter of the year with sales and profit margins decline and the company announced a delay in the implementation of some projects. Shares in Mediterranean & Gulf Insurance & Reinsurance Co daily maximum 10% after the company also turned to record losses in the second quarter.

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