Due to the unexpected increase in commercial crude oil inventories in the United States last week and Saudi Arabia’s willingness to increase output, international oil prices fell on the 7th.
The United States Energy Information Administration released data that day, the United States last week, crude oil inventories increased 1.3 million barrels, exceeding market expectations. Gasoline stocks also soared by 5.1 million barrels during the week, indicating weak demand.
In addition, Saudi Arabia, the world’s largest oil exporter, stated that it was willing to increase its oil output in order to meet additional market demand. Saudi Arabia said that its oil output reached 10.47 million barrels per day in November, the highest level in decades. The Organization of Petroleum Exporting Countries (OPEC) will hold a regular meeting on December 14 to coordinate oil production in the first half of 2012. At this time, Saudi Arabia’s open position has greatly reduced the pressure on the market and pushed down the price of oil.
At the same time, Germany expressed pessimistic sentiment on the upcoming EU summit on the same day and believed that there is little chance for the summit to propose effective solutions. This also exacerbated the pressure on the crude oil market and boosted the drop in oil prices.
However, the market expects that the European Central Bank may cut interest rates in the near future in order to promote economic development, and some investors are still optimistic about the EU summit expectations, partially offset pessimistic speculation, oil price decline is limited.
In terms of trading volume, the trading volume in the New York market was basically normal, 6% higher than the 30-day average, but London Brent crude trading volume was 17% lower than the 30-day average.
At the close of the day, the price of light crude oil for delivery in January on the New York Mercantile Exchange fell by 79 cents to settle at $100.49 a barrel, a decrease of 0.78%. January Brent crude oil prices in London's North Sea fell 1.28 US dollars to close at 109.53 US dollars a barrel, a decrease of 1.16%.
Due to the unexpected increase in commercial crude oil inventories in the United States last week and Saudi Arabia’s willingness to increase output, international oil prices fell on the 7th.
The United States Energy Information Administration released data that day, the United States last week, crude oil inventories increased 1.3 million barrels, exceeding market expectations. Gasoline stocks also soared by 5.1 million barrels during the week, indicating weak demand.
In addition, Saudi Arabia, the world’s largest oil exporter, stated that it was willing to increase its oil output in order to meet additional market demand. Saudi Arabia said that its oil output reached 10.47 million barrels per day in November, the highest level in decades. The Organization of Petroleum Exporting Countries (OPEC) will hold a regular meeting on December 14 to coordinate oil production in the first half of 2012. At this time, Saudi Arabia’s open position has greatly reduced the pressure on the market and pushed down the price of oil.
At the same time, Germany expressed pessimistic sentiment on the upcoming EU summit on the same day and believed that there is little chance for the summit to propose effective solutions. This also exacerbated the pressure on the crude oil market and boosted the drop in oil prices.
However, the market expects that the European Central Bank may cut interest rates in the near future in order to promote economic development, and some investors are still optimistic about the EU summit expectations, partially offset pessimistic speculation, oil price decline is limited.
In terms of trading volume, the trading volume in the New York market was basically normal, 6% higher than the 30-day average, but London Brent crude trading volume was 17% lower than the 30-day average.
At the close of the day, the price of light crude oil for delivery in January on the New York Mercantile Exchange fell by 79 cents to settle at $100.49 a barrel, a decrease of 0.78%. January Brent crude oil prices in London's North Sea fell 1.28 US dollars to close at 109.53 US dollars a barrel, a decrease of 1.16%.
The United States Energy Information Administration released data that day, the United States last week, crude oil inventories increased 1.3 million barrels, exceeding market expectations. Gasoline stocks also soared by 5.1 million barrels during the week, indicating weak demand.
In addition, Saudi Arabia, the world’s largest oil exporter, stated that it was willing to increase its oil output in order to meet additional market demand. Saudi Arabia said that its oil output reached 10.47 million barrels per day in November, the highest level in decades. The Organization of Petroleum Exporting Countries (OPEC) will hold a regular meeting on December 14 to coordinate oil production in the first half of 2012. At this time, Saudi Arabia’s open position has greatly reduced the pressure on the market and pushed down the price of oil.
At the same time, Germany expressed pessimistic sentiment on the upcoming EU summit on the same day and believed that there is little chance for the summit to propose effective solutions. This also exacerbated the pressure on the crude oil market and boosted the drop in oil prices.
However, the market expects that the European Central Bank may cut interest rates in the near future in order to promote economic development, and some investors are still optimistic about the EU summit expectations, partially offset pessimistic speculation, oil price decline is limited.
In terms of trading volume, the trading volume in the New York market was basically normal, 6% higher than the 30-day average, but London Brent crude trading volume was 17% lower than the 30-day average.
At the close of the day, the price of light crude oil for delivery in January on the New York Mercantile Exchange fell by 79 cents to settle at $100.49 a barrel, a decrease of 0.78%. January Brent crude oil prices in London's North Sea fell 1.28 US dollars to close at 109.53 US dollars a barrel, a decrease of 1.16%.
Due to the unexpected increase in commercial crude oil inventories in the United States last week and Saudi Arabia’s willingness to increase output, international oil prices fell on the 7th.
The United States Energy Information Administration released data that day, the United States last week, crude oil inventories increased 1.3 million barrels, exceeding market expectations. Gasoline stocks also soared by 5.1 million barrels during the week, indicating weak demand.
In addition, Saudi Arabia, the world’s largest oil exporter, stated that it was willing to increase its oil output in order to meet additional market demand. Saudi Arabia said that its oil output reached 10.47 million barrels per day in November, the highest level in decades. The Organization of Petroleum Exporting Countries (OPEC) will hold a regular meeting on December 14 to coordinate oil production in the first half of 2012. At this time, Saudi Arabia’s open position has greatly reduced the pressure on the market and pushed down the price of oil.
At the same time, Germany expressed pessimistic sentiment on the upcoming EU summit on the same day and believed that there is little chance for the summit to propose effective solutions. This also exacerbated the pressure on the crude oil market and boosted the drop in oil prices.
However, the market expects that the European Central Bank may cut interest rates in the near future in order to promote economic development, and some investors are still optimistic about the EU summit expectations, partially offset pessimistic speculation, oil price decline is limited.
In terms of trading volume, the trading volume in the New York market was basically normal, 6% higher than the 30-day average, but London Brent crude trading volume was 17% lower than the 30-day average.
At the close of the day, the price of light crude oil for delivery in January on the New York Mercantile Exchange fell by 79 cents to settle at $100.49 a barrel, a decrease of 0.78%. January Brent crude oil prices in London's North Sea fell 1.28 US dollars to close at 109.53 US dollars a barrel, a decrease of 1.16%.
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