Although the US crude oil inventories fell sharply last week, the New York oil price fell slightly after the 24th shock, affected by the weak real estate industry data and the strong US dollar.
The U.S. Energy Information Administration released a report on the same day that the US’s commercial crude oil inventories unexpectedly dropped by 2.2 million barrels last week, a long way from the market’s expected increase of 800,000 barrels. The reduction in inventory once pushed up the price of oil.
However, the report also shows that there has been an increase in gasoline and distillate stocks, limiting the increase in oil prices. And the data showed that the United States in the second quarter fell 5.9% year-on-year, the largest decline in three years, indicating that the real estate market is still weak. In addition, the dollar strengthened, and the basket of currencies rose by about 0.2%. The strong dollar weighed on oil prices.
In Libya, the opposition called for oil workers to return to work and restart oil production. Market analysis believes that if Libya, an oil exporting country (OPEC) member state, resumes oil production, the global oil supply and demand tension will be eased, which will push oil prices lower.
At the close of the day, the price of light crude oil for delivery in October on the New York Mercantile Exchange fell slightly by 28 cents to settle at 85.16 US dollars per barrel, a decrease of 0.33%, and the shock range was 84.55 to 86.59 US dollars. However, London Brent crude oil prices in London in October rose 84 cents to settle at US$110.15 a barrel, or 0.77%.
The U.S. Energy Information Administration released a report on the same day that the US’s commercial crude oil inventories unexpectedly dropped by 2.2 million barrels last week, a long way from the market’s expected increase of 800,000 barrels. The reduction in inventory once pushed up the price of oil.
However, the report also shows that there has been an increase in gasoline and distillate stocks, limiting the increase in oil prices. And the data showed that the United States in the second quarter fell 5.9% year-on-year, the largest decline in three years, indicating that the real estate market is still weak. In addition, the dollar strengthened, and the basket of currencies rose by about 0.2%. The strong dollar weighed on oil prices.
In Libya, the opposition called for oil workers to return to work and restart oil production. Market analysis believes that if Libya, an oil exporting country (OPEC) member state, resumes oil production, the global oil supply and demand tension will be eased, which will push oil prices lower.
At the close of the day, the price of light crude oil for delivery in October on the New York Mercantile Exchange fell slightly by 28 cents to settle at 85.16 US dollars per barrel, a decrease of 0.33%, and the shock range was 84.55 to 86.59 US dollars. However, London Brent crude oil prices in London in October rose 84 cents to settle at US$110.15 a barrel, or 0.77%.
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