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C
Hopes of production cuts pushed oil prices up nearly %. After being accused of excessive gains, investors took profits. Coupled with Russia denying an agreement with C this week, oil prices Falling from monthly highs, U.S. oil fell back below key levels of the U.S. dollar. Analysts and investors are paying close attention to the movements of Hurricane Matthew, which is expected to have a greater impact on crude oil supply and demand.
Last Friday (October), the U.S. announced a higher-than-expected oil rig count, while Russia denied that it would reach any production reduction agreement with C this week. This was boosted by C’s unexpected intention to cut production and the decline in U.S. inventories. Oil price gains stalled. Market participants also took profits on C’s gains fueled by hopes of production cuts.
Since C reached its intention to cut production, oil prices have risen by nearly %, hitting a four-month high. Some people believe that this rise is excessive. However, U.S. oil closed back below the key price of the U.S. dollar per barrel last Friday, still rising for the third consecutive week.
The price of crude oil futures for January delivery fell by cents, closing at .USD per barrel, with a decrease of .%. The cumulative increase for the week was about .%. Brent crude oil futures for January delivery on the London C European Futures Exchange also fell. U.S. cents, closing at .USD per barrel, with a decrease of .%, but a cumulative increase of about .% that week. Crude oil futures closed at $.00 a barrel on Thursday, breaking through key resistance at $.00 a barrel and hitting their highest closing price in about four months, as C will hold another informal meeting to discuss production cuts and U.S. crude inventories have reached five consecutive days. Weekly declines were recorded
.
Algerian Oil Minister Br said last Thursday that when C meets in Vienna at the end of this year, if oil-producing countries deem it necessary, the extent of production cuts may be 1% higher than the scale of the agreement reached in Algiers. . Algeria is one of the oil price hawks in C and this is the first time it has hinted that it may expand production cuts.
The Turkish Energy Forum will be held in Istanbul on October 1. Last Thursday, C sources said that C member countries, Russian President Vladimir Putin, and Russian Energy Minister Novak will all participate in the forum. The news boosted the rise in oil prices. . However, Russian Energy Minister Novak said on Friday that he did not expect to sign an agreement with C at the World Energy Conference in Istanbul. Oil prices fell sharply after hearing the news.
Moreover, Reuters said that the oil ministers of Iran and Iraq will not participate in the informal meeting in Istanbul. Sources do not expect that the Istanbul meeting will make a decision, but the meeting will provide these officials with an opportunity to discuss the Algiers meeting. next steps.
In addition, Baker Hughes data released last Friday showed that the total number of oil drilling rigs reached 100,000 in the week to March, which was higher than the previous and expected values. The highest level since August has put pressure on oil prices.
At the same time, the number of initial claims released last week unexpectedly dropped to near the year's low, and the U.S. monthly non-farm payrolls report increased expectations for a monthly interest rate hike by the Federal Reserve. In addition, the U.S. manufacturing data released that week and the Richmond Fed Chairman Lake's hawkish speech boosted the dollar higher. The Intercontinental Exchange (C) U.S. Dollar Index was mixed on Friday, but rose around .% for the week, with a stronger dollar also weighing on oil prices.
Analysts and investors are paying close attention to Hurricane Matthew's movements in the southeastern United States. U.S. President Obama declared a state of emergency in Florida and Southern California last Thursday. Naeem Aslam, r's chief market analyst, said:
Hurricane Matthew has a very important impact on changes in crude oil prices, because many oil tankers are at risk and crude oil supply may Hence the interruption. &r
However, Klose, global head of energy at Oil Price Information Services, said that Matthew is not expected to damage the U.S. crude oil infrastructure and refining equipment, so it will have little impact on the supply of crude oil. , as the southeastern region caused by the hurricane continues to evacuate, demand for crude oil in the region is expected to decline in the next few days, and this factor may offset the previous bullish factors for crude oil in the market.
A weekly report released by the U.S. Commodity Futures Trading Commission (CFTC) stated that hedge funds and other fund managers increased their net long positions in U.S. crude oil futures and options in the week ending March 1, with the net long positions rising to a monthly high. Data show that as of the week of March, net long positions in crude oil futures and options increased to 100,000.
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