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The total number of oil drilling rigs in the United States in the week to July For the mouth, the mouth is higher than the expected and previous values. Oil prices fluctuated slightly after the data was released. However, Russian Energy Minister Novak's statement on next week's energy conference has put oil prices under pressure.
Beijing time on Saturday (July 2): The total number of oil rigs drilled in the United States for the week to July was announced to be 1,000, higher than expected and the previous value. The total number of rigs drilling in the United States has increased for consecutive weeks, hitting the highest level since January. Oil prices fluctuated slightly after the data was released.
On Friday night, the U.S. Department of Labor announced that the monthly seasonally adjusted non-farm payrolls numbered 0.000, which was lower than the expected 0.000. The dollar subsequently fell. Affected by this, oil prices rose in the short term. In recent months, changes in oil prices have been closely related to movements in the U.S. dollar. A weak dollar makes crude oil priced in dollars cheaper for buyers using foreign currencies, so oil prices usually rise when the dollar falls.
However, oil traders are more concerned about C's remarks and his production reduction plan recently. Although there are doubts in the market about the details of the production reduction plan and whether C can comply with the plan, oil prices still rose to the highest level since February. However, the momentum of rising oil prices came to an abrupt end on Friday after Russian Energy Minister Novak made a statement on the energy conference to be held in Turkey next week.
On Friday evening, Beijing time, Novak said that Russia does not expect to sign an agreement with OPEC (OPEC) next week, adding that this will only be a consultation. However, the Russian Ministry of Energy said that there is currently the possibility of reaching a crude oil agreement at the C meeting in October. Yavag, head of the futures department of Mizuho Securities, said:
&The market is in a state of confusion at the moment. Oil prices rose to a three-month high last night (Sunday), but Novak's remarks only added pressure to the market. &r
Turkey will hold an energy forum in Istanbul on October 1, and C member countries, Russian President Vladimir Putin and Novak will all attend the forum. According to people familiar with the matter, C Secretary-General Barkindo plans to meet and consult with Novak on the sidelines of next week’s energy conference. In addition, according to the weekly, Iranian Oil Minister Zanganeh will not go to Istanbul to attend a meeting next week.
In the early hours of Saturday morning Beijing time, the Dallas Fed’s updated quarterly energy report expressed optimism about the C production reduction plan. The report believes that as the date for reaching an agreement gets closer, oil prices gradually recover. In addition, U.S. crude oil production shows signs of recovery, especially in the Permian Basin production area, which is the hotbed of the industry. Of course, the Dallas Fed said it still needs to be wary of any ambiguity in the agreement.
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