As the global economic recession led to a continuous decline in energy demand, the international oil price hit a new low in three and a half years on the 20th, the New York market oil price fell below 50 US dollars per barrel.
On the New York Mercantile Exchange, light sweet crude for delivery in December fell 4 US dollars to settle at 49.62 US dollars a barrel, the lowest level since May 2005. The Brent crude oil futures on the London International Petroleum Exchange in January fell 3.64 US dollars to close at 48.08 US dollars a barrel.
With the impact of the financial crisis on the real economy, investors are worried that energy demand will decline, which is the main reason for the recent sharp decline in international oil prices. International oil prices have continued to fall in the past five trading days. As the increase in crude oil inventories in the United States last week was greater than market expectations, the oil price in the New York market dipped sharply at the opening on the 20th and quickly fell below 50 US dollars per barrel.
On the 20th, as the three major indices of the New York stock market in the United States last week, the number of unemployed people hit 16 years ago, the impact of new and high negative economic data plummeted across the board, the New York market oil prices fell after a brief rebound, the lowest fell to an intraday low of 48 $64.
Wall Street strategist Connie Turner said in an interview with Xinhua News Agency: “With the New York market crude oil futures prices breaking the psychological price of 50 US dollars per barrel, international oil prices continue to show its decline. In this pass, crude oil and its Related commodity futures seems to be a good opportunity for many investors to enter, but this does not mean that oil prices will not continue to decline."
Since setting a record high of 147.27 U.S. dollars per barrel on July 11, international oil prices have so far fallen by more than 60%. The members of the Organization of the Petroleum Exporting Countries (OPEC), including Kuwait, Iran, and Venezuela, called on OPEC to reduce production again to stabilize international oil prices at a meeting to be held in Cairo next week.
However, many analysts questioned how much OPEC's production was reduced. Turner said: "Actually, after falling below 49 U.S. dollars per barrel, international oil prices are likely to approach the level of 40 U.S. dollars in the next few weeks." And Adam S. Minsky, an oil analyst at Deutsche Bank, expects oil prices next year. The minimum will fall to 30 US dollars per barrel.
On the 20th, New York’s gasoline futures for delivery in December fell by 10 cents per gallon to $1.0070. Heating oil futures fell 8.38 cents per gallon to close at $1.6759. Natural gas futures fell 42.7 cents per thousand cubic feet to $6.316.
On the New York Mercantile Exchange, light sweet crude for delivery in December fell 4 US dollars to settle at 49.62 US dollars a barrel, the lowest level since May 2005. The Brent crude oil futures on the London International Petroleum Exchange in January fell 3.64 US dollars to close at 48.08 US dollars a barrel.
With the impact of the financial crisis on the real economy, investors are worried that energy demand will decline, which is the main reason for the recent sharp decline in international oil prices. International oil prices have continued to fall in the past five trading days. As the increase in crude oil inventories in the United States last week was greater than market expectations, the oil price in the New York market dipped sharply at the opening on the 20th and quickly fell below 50 US dollars per barrel.
On the 20th, as the three major indices of the New York stock market in the United States last week, the number of unemployed people hit 16 years ago, the impact of new and high negative economic data plummeted across the board, the New York market oil prices fell after a brief rebound, the lowest fell to an intraday low of 48 $64.
Wall Street strategist Connie Turner said in an interview with Xinhua News Agency: “With the New York market crude oil futures prices breaking the psychological price of 50 US dollars per barrel, international oil prices continue to show its decline. In this pass, crude oil and its Related commodity futures seems to be a good opportunity for many investors to enter, but this does not mean that oil prices will not continue to decline."
Since setting a record high of 147.27 U.S. dollars per barrel on July 11, international oil prices have so far fallen by more than 60%. The members of the Organization of the Petroleum Exporting Countries (OPEC), including Kuwait, Iran, and Venezuela, called on OPEC to reduce production again to stabilize international oil prices at a meeting to be held in Cairo next week.
However, many analysts questioned how much OPEC's production was reduced. Turner said: "Actually, after falling below 49 U.S. dollars per barrel, international oil prices are likely to approach the level of 40 U.S. dollars in the next few weeks." And Adam S. Minsky, an oil analyst at Deutsche Bank, expects oil prices next year. The minimum will fall to 30 US dollars per barrel.
On the 20th, New York’s gasoline futures for delivery in December fell by 10 cents per gallon to $1.0070. Heating oil futures fell 8.38 cents per gallon to close at $1.6759. Natural gas futures fell 42.7 cents per thousand cubic feet to $6.316.
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