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Gansu Xirui Commodity Trading Center, Asphalt, Silver, Copper and Platinum, Telephone Member Recruitment, Agent Account Opening, High Commission Investment, Gansu Xirui Bulk Platform Information, Guoxin Financial Services Research and Development believes that oil prices fluctuated violently yesterday, with a trend of rising and falling, and fundamental news dominated Oil prices fluctuate in the short term. According to Bloomberg, Saudi Energy Minister Falih said in a TV interview that he is still negotiating for an agreement and is optimistic that an agreement on production restrictions can be reached and that the agreement will be fair to all parties. The output of 10,000 barrels per day will be fair to all parties. There are benefits to both oil-producing countries and consumers. This speech greatly enhanced the market's confidence in reaching a production reduction agreement at the formal meeting on October 2, boosting oil prices to fluctuate upwards. U.S. oil has initially stabilized the dollar mark. The production limit agreement will help the crude oil market achieve a balance between supply and demand in 2020, when oil prices are likely to return to above the US dollar/barrel.
However, when the market sentiment is once again optimistic, the latest report released by the United States Geological Survey stated that the shale oil reserves discovered in the West Texas Desert reached 100 million barrels. According to the current price of approximately US$/barrel According to calculations, its market value reaches 100 million US dollars, setting a record for the largest unconventional crude oil reserves in the history of the United States. What is the concept of billion barrels? As of 2008, the entire United States had only 100 million barrels of proven oil reserves, so U.S. officials exaggeratedly described the oil field's crude oil reserves as enough for a car to travel about a light-year distance. After the report was released, the market was worried that crude oil production and supply would be seriously oversupplied in the future, which suppressed oil prices and fell sharply from highs, giving up all gains during the day. However, the area where the oil field is located belongs to the famous Permian Basin, which accounts for 10% of the oil production in the United States. In the past, oil companies have speculated that there are huge oil fields in the underground shale layers. Now they have only confirmed it through technical means, and they have to put the underground Only when more oil is extracted and turned into supply and inventory will it have a substantial negative impact on oil prices. Therefore, the short-term impact of this news on oil prices will be relatively limited.
At the hearing of the U.S. Joint Economic Committee, Federal Reserve Chairman Yellen issued her most hawkish comments in history, boosting the U.S. dollar index to rise strongly and hit a new high. Commodity prices have created greater negative pressure. Yellen said that since the March meeting, U.S. economic data have been in line with expectations. Although inflation is still below the level, it has been rising since the beginning of this year. It is expected that U.S. inflation can return to the target and the evidence for interest rate hikes is getting stronger. If in the future, The data provides more support and a rate hike will be appropriate in the near future. The speech made the market estimate that the probability of the Federal Reserve raising interest rates this month increased to 20%, and the U.S. dollar index strengthened in response. It is currently as high as 10%, setting a new high in 13 and a half years, suppressing the rise and fall of oil prices.
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