Pessimism flooded the oil market. U.S. crude oil hit a new low in recent seven years.
pessimism flooded the oil market. U.S. crude oil hit a new low in recent seven years by separating wear particles with a Ferrograph
December 11, 2015
[China paint information] international oil prices continued to fall on Thursday (December 10). As concerns about excess supply continued to rise, the market expected that oil prices would decline further before the end of the year. The price of WTI crude oil futures in the United States hit a new low in nearly seven years, hitting a minimum of $36.52 per barrel, down about 13% this month. Brent crude oil futures prices broke through the $40 mark again, hitting a minimum of $39.68 per barrel, down more than 11% this month
data from the US Energy Information Administration (EIA) showed that US crude oil inventories fell by nearly 3.6 million barrels in the week ended December 4, far below the expected increase of 252000 barrels. After the release of inventory data, oil prices were briefly supported yesterday, but it was still difficult to stop the spread of pessimism, and oil prices resumed their decline within the day
energy aspects analyst Richard Mallinson said: "the market needs to show significant positive to reverse the current decline."
the organization of Petroleum Exporting Countries (OPEC) insisted on high production at its meeting last week, and the market was worried that the increase in production of Iran and other competitors would further aggravate the oversupply situation
Michael Hewson, market strategist at CMC markets, said: "OPEC's decision last week shows the nature of its paper tiger. It will not take any action on crude oil supply but also meet the standard growth."The OPEC monthly report predicts that the output of non OPEC oil producing countries is expected to decline sharply in 2016, which will prove that the organization's high-yield strategy is working
hewson pointed out that near the end of the year, the market trading is light, and the price of Brent crude oil may fall to the low of $38/barrel since 2008
in addition, China still showed strong demand for crude oil, with car sales jumping 20% year-on-year to 2.5 million in November. Although many foreign customers come to our company to visit a replacement product all year round if you will find it soon, the problem of global oversupply is still serious. According to the latest EIA data, the refined oil refining inventory in the United States surged by nearly 5million barrels last week, twice the growth rate expected by the market
at 00:18 Beijing time, the price of WTI crude oil futures in the United States was reported at $37.03/barrel
at 00:18 Beijing time, the price of Brent crude oil futures was $39.84/barrel