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Market News Oil market optimisticly rebounded more than 1.5% as positive economic data

Oil market optimisticly rebounded more than 1.5% as positive economic data

Crude oil futures rose during Asian trading hours on Friday, rising more than 1.5%. As the number of weekly applications for unemployment benefits in the United States has dropped to a low point during the epidemic, and the new round of congressional negotiations on a rescue plan has progressed, the news stimulated the atmosphere in the oil market.

Eden
2020-10-23
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New York Mercantile Exchange December crude oil futures, the transaction price rose 0.32% before the deadline, trading at USD 40.77 per barrel.


The high point of the previous session was USD40.77 per barrel. Crude oil is expected to find support at USD39.71 and USD41.70 will meet resistance.


Nymex, the December transaction price of Brent crude oil rose by 0.33% to USD42.60 per barrel; while the contract price of Brent crude oil and crude oil was set at USD1.83 per barrel.


Due to the decline in US oil production and OPEC+'s mandatory production cuts, the physical oil market has maintained a good balance of supply and demand, and global inventories have remained stable. Demand from China and India, the world's two largest crude oil importers, also slowly recovered, supporting oil prices.


In addition, Russian President Vladimir Putin stated that Russia is willing to further reduce production if necessary, and the news also boosted crude oil prices.


Other energy commodities:
    The price of natural gas futures for delivery in November fell by 0.5%, closing at US$3.07 per million Btu.
    The price of gasoline futures for November delivery rose 1.6% to close at $1.1581 per gallon.
    The price of hot fuel oil futures for delivery in November rose 1.8% to close at $1.1607 per gallon.
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