We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
Market News International oil prices have regained strength, and the aftermath of the hurricane still exists; but Saudi Arabia has touched the nerves of the bulls

International oil prices have regained strength, and the aftermath of the hurricane still exists; but Saudi Arabia has touched the nerves of the bulls

On September 7, international oil prices strengthened again. Some investors bought on dips after falling in the previous day because they feared that US supplies would still be restricted after Hurricane Ida. Prior to this, Saudi Arabia's sharp cuts in Asian crude oil contract prices increased concerns about slowing demand, which adversely affected market sentiment.

LEO
2021-09-07
6753

On Tuesday (September 7), international oil prices strengthened again, and some investors bought on dips after falling in the previous day. Prior to this, Saudi Arabia's sharp cuts in Asian crude oil contract prices increased concerns about slowing demand, which adversely affected market sentiment.

GMT+8 14:30, NYMEX crude oil futures fell 0.04% to 69.25 US dollars / barrel; ICE Brent crude oil futures rose 0.55% to 72.62 US dollars / barrel. (Note: As it coincides with the US Labor Day holiday, NYMEX crude oil has no settlement price on Monday.)


Saudi Aramco informed customers that it will cut the October official sales price (OSP) of all crude oil grades sold to Asia by at least $1 per barrel. The sharp price cuts this time show that consumption in the world's largest import region is still tepid.

The lockdown measures implemented across Asia to combat the mutated strain of the new crown virus, Delta, cast a shadow over the economic outlook. The market must also respond to OPEC+'s decision to increase production by 400,000 barrels per day from August to December.

Tetsu Emori, CEO of Emori Fund Management, said: “As investors adjust their positions, ICE Brent has rebounded, but as the epidemic heats up, demand in Asia and the United States is slow, making market confidence still weak. WTI will rise to 70 per barrel. Above the dollar, some new positive news is needed, such as signs of a decline in the infection rate or rising demand for crude oil,"

The new non-agricultural jobs in the U.S. economy in August hit a record low in seven months. As demand from industries such as leisure travel and hotels stagnated due to the re-recovery of the new crown epidemic, recruitment in related industries was sluggish.

Fujitomi Securities Co Ltd analyst Toshitaka Tazawa also pointed out that crude oil prices are expected to be difficult to rise because the peak driving season in the United States tends to be flat after the Labor Day holiday ends.

However, because of concerns that US supplies will still be restricted after Hurricane Ida, US oil prices have been supported. A US regulator said on Monday (September 6) that more than 80% of oil production in the Gulf of Mexico is still closed.

After "Ada" destroyed offshore oil wells and onshore oil refineries in the Gulf of Mexico, hedge funds established long oil positions last week at the second fastest rate this year.

Customs data on Tuesday showed that China’s daily crude oil imports in August increased by 8% from the previous month, as refiners resumed purchasing after issuing new import quotas. According to the General Administration of Customs, China imported 44.53 million tons of crude oil in August, equivalent to 10.49 million barrels per day. In the first eight months of 2021, crude oil imports reached 346.36 million tons, or about 10.4 million barrels per day, down 5.7% year-on-year. China is the world's largest crude oil importer.

Previous
Next

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free