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Market News International oil prices fell to a three-day low
International oil prices fell to a three-day low
On September 20, international oil prices fell further. Both cities hit their lows in nearly three trading days. As the U.S. dollar index rose to a new high in more than three weeks, if the Fed announced this week to reduce the scale of debt purchases, it may give oil and wider The commodity complex brings new downward pressure. In addition, the number of drilling rigs in the United States has increased, although nearly a quarter of the oil production capacity in the Gulf of Mexico in the United States is still in a state of shutdown after the two hurricanes.
2021-09-20
10689
On Monday (September 20), international oil prices fell further, as the U.S. dollar index rose to a new high in more than three weeks and the number of rigs in the United States increased, although nearly a quarter of the U.S. Gulf of Mexico's oil production capacity remained suspended after two hurricanes. state.
GMT+8 15:43, NYMEX crude oil futures fell 1.29% to 70.89 US dollars / barrel; ICE Brent crude oil futures fell 1.08% to 74.53 US dollars / barrel.
Both cities hit lows in the past three trading days, reaching 70.61 US dollars per barrel and 74.26 US dollars per barrel respectively. The dollar index rose to a new high since August 23 to 93.405, as the US retail sales data released last week was better than expected, which strengthened expectations that the Fed will begin to reduce asset purchases later this year.
A strong U.S. dollar makes U.S. dollar-denominated oil more expensive for holders of other currencies, thereby dampening demand. OANDA analyst Edward Moya said in a report: "WTI crude oil may consolidate in the next few trading days until the dollar trend becomes clearer."
In a report published on Monday, NL International’s researchers said that the strengthening of the U.S. dollar in the past few days has brought some resistance to the market. If the Fed announced this week to reduce the scale of debt purchases, it may bring new downward pressure on oil and the broader commodity complex. But the agency added that such measures are more likely to be implemented in November.
Baker Hughes said on Friday (September 17) that in the week ending September 17, the number of oil and gas rigs increased by 9 to 512, the highest since April 2020, which was this time last year. double.
The increase in the number of drilling rigs in the United States has also suppressed oil prices. Although the US Bureau of Security and Environmental Enforcement (BSEE) stated that as of last Friday, 23% of U.S. Gulf of Mexico crude oil production, or 422,078 barrels per day, was still at a standstill.
The Iraqi Oil Minister said that the Organization of the Petroleum Exporting Countries (OPEC) and its allies will strive to maintain oil prices at $70 per barrel in the first quarter of 2022. He also added that "if oil prices remain stable," the organization is expected to stick to the current production agreement when it meets in October.
Iraqi Oil Minister Ihsan Abdul Jabbar said at a press conference in Baghdad last Sunday that Iraq’s total oil exports in September should reach an average of 3.4 million barrels per day, including oil exports from the Kurdish region in the north of the country.
Due to the relaxation of production cuts by major oil-producing countries, Saudi Arabia, the world's largest oil exporter, maintained its position as China's largest crude oil supplier for the ninth consecutive month in August. Data from the General Administration of Customs of China on Monday showed that China’s crude oil imports from Saudi Arabia in August surged 53% from the same period last year, reaching 8.06 million tons, or 1.96 million barrels per day.
GMT+8 15:43, NYMEX crude oil futures fell 1.29% to 70.89 US dollars / barrel; ICE Brent crude oil futures fell 1.08% to 74.53 US dollars / barrel.
Both cities hit lows in the past three trading days, reaching 70.61 US dollars per barrel and 74.26 US dollars per barrel respectively. The dollar index rose to a new high since August 23 to 93.405, as the US retail sales data released last week was better than expected, which strengthened expectations that the Fed will begin to reduce asset purchases later this year.
A strong U.S. dollar makes U.S. dollar-denominated oil more expensive for holders of other currencies, thereby dampening demand. OANDA analyst Edward Moya said in a report: "WTI crude oil may consolidate in the next few trading days until the dollar trend becomes clearer."
In a report published on Monday, NL International’s researchers said that the strengthening of the U.S. dollar in the past few days has brought some resistance to the market. If the Fed announced this week to reduce the scale of debt purchases, it may bring new downward pressure on oil and the broader commodity complex. But the agency added that such measures are more likely to be implemented in November.
Baker Hughes said on Friday (September 17) that in the week ending September 17, the number of oil and gas rigs increased by 9 to 512, the highest since April 2020, which was this time last year. double.
The increase in the number of drilling rigs in the United States has also suppressed oil prices. Although the US Bureau of Security and Environmental Enforcement (BSEE) stated that as of last Friday, 23% of U.S. Gulf of Mexico crude oil production, or 422,078 barrels per day, was still at a standstill.
The Iraqi Oil Minister said that the Organization of the Petroleum Exporting Countries (OPEC) and its allies will strive to maintain oil prices at $70 per barrel in the first quarter of 2022. He also added that "if oil prices remain stable," the organization is expected to stick to the current production agreement when it meets in October.
Iraqi Oil Minister Ihsan Abdul Jabbar said at a press conference in Baghdad last Sunday that Iraq’s total oil exports in September should reach an average of 3.4 million barrels per day, including oil exports from the Kurdish region in the north of the country.
Due to the relaxation of production cuts by major oil-producing countries, Saudi Arabia, the world's largest oil exporter, maintained its position as China's largest crude oil supplier for the ninth consecutive month in August. Data from the General Administration of Customs of China on Monday showed that China’s crude oil imports from Saudi Arabia in August surged 53% from the same period last year, reaching 8.06 million tons, or 1.96 million barrels per day.
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