SET Drops Near 1,500 Support Level as Oil Declines Further amid Refinery Shutdown in US

SET Index dropped 10.14 points or 0.67% to 1,500.89 points at the open on Friday, following the plummet in the regional markets as oil prices fell as much as 2% in early trade in Asia market on Friday, adding to overnight declines, on worries that the shutdown in refineries due to a big freeze in the U.S. South will take some time to revive operations and dent crude demand.

 

Moreover, the Energy Information Administration reported on Thursday that U.S. crude stockpiles fell more than expected in the week ending February 12, before the freeze, with inventories down by 7.3 million barrels to 461.8 million barrels.

U.S. crude stockpiles fell more than expected in the week to Feb. 12, before the freeze, with inventories down by 7.3 million barrels to 461.8 million barrels, their lowest since March, the Energy Information Administration reported on Thursday.

 

As of 10:40 local time in Thailand, SET Index dropped 6.51 points or 0.43% to 1,504.52 points with a trading value of 25.7 billion baht.