Crude oil fell for the fifth day, dragged down by

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Crude oil continued to fall for the fifth day due to global economic concerns

crude oil continued to fall for the fifth day due to global economic concerns

December 11, 2012

[China paint information] under the pressure of global economic concerns, crude oil futures failed to hold the gains on Monday, and the price of us benchmark crude oil futures fell for the fifth consecutive day, falling to a one month low

Gene mcgillian, broker and analyst of tradition energy, said that the market was facing multiple uncertainties in the economy, including the continued efforts of the United States to avoid the fiscal cliff and new concerns caused by the resignation plan of the Italian Prime Minister

in addition, the two-day policy meeting of the Federal Reserve Board on Tuesday and the OPEC oil production policy meeting on Wednesday also affected the market

the market generally expects OPEC to maintain its oil production unchanged. At present, OPEC's production is 1million barrels more than the specified production level and also exceeds its oil demand forecast

on the New York Mercantile Exchange, the settlement price of light and low sulfur crude oil futures contract for delivery in January fell 37 cents to $85.56 a barrel, the lowest since November 15. The late selling in the last 30 minutes of on-site trading prompted the crude oil futures price to fall as much as 4% or $3.53 per barrel in the last five trading days

the settlement price of the North Sea Brent crude oil futures contract for January delivery on the London Intercontinental Exchange (ice) rose 31 cents to $107.33 a barrel, ending the five-day decline in graphene materials after falling 3.9% last week

crude oil futures prices were affected by falling demand and inventory growth in the United States, the world's largest oil consumer. Soaring production from shale oil fields in the United States has weakened the United States' dependence on oil imports and complicated OPEC meetings. The output of the United States is at the highest level in decades, and the current average output is 950000 barrels/day higher than that of the same period last year. From the beginning of the year to November, production increased by nearly 10% or 550000 barrels per day

and310 polymer mortar for external wall insulation, a broker of Jefferies Bache, said that when the demand increased by 1.5 million barrels per day, such output would not matter. However, it is expected that the growth of global oil demand this year and next year will be less than half of this level on average

Andy Lebow also said that before the price of Brent crude oil in the North Sea falls below $100 a barrel, such as potatoes, peppers, cucumbers, eggplants and salad leaf dollars, OPEC is unlikely to reduce its oil production, because this level is the appropriate price considered by Saudi Arabia, the main OPEC member

oil prices were boosted by news from China, the world's second largest oil consumer. In November, China's industrial added value increased by 10.1% over the same period last year, the fastest growth rate since March and exceeding analysts' expectations. China's crude oil processing volume also rose in November, but crude oil imports fell from October, but increased from the same period last year

the month on month decline in China's crude oil imports means that refiners depress inventories, which increases the Chinese government's doubts about strategic oil reserves. China has been steadily increasing strategic supply to prevent domestic supply shortages. Some analysts said that China's move has driven up oil prices in recent months. The market is trying to think that if China's crude oil imports continue to decline, it will lead to a continued decline in oil prices, or if China's crude oil imports increase again, it will curb the decline in oil prices

Traders said that the US oil inventory data released on Wednesday may also affect the trend of oil prices. Analysts surveyed by Dow Jones newswires expect data released on Wednesday to show that crude oil inventories fell 1.7 million barrels last week as refiners increased operating rates. Analysts expect gasoline and distillate inventories to increase by 2.5 million barrels and 1.5 million barrels respectively

the January heating oil futures contract fell for the sixth consecutive trading day, falling to the lowest level since August 2. The settlement price of the contract fell 1.91 cents to $2.8962 per gallon

the settlement price of rbob gasoline futures contract in January rose 0.07 cents to $2.5981 per gallon

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