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International oil prices have limited room for growth
International oil prices have limited room for growth
Recently, the overall performance of international crude oil prices is relatively strong. Under the circumstance that the global economic growth is expected to increase in the future, international oil prices continued to rise sharply to hit a new high in three years, due to the continuous decline of U.S. crude inventories and the sharp drop in the U.S. dollar. Among them, the British Brent crude oil futures closed at 70.52 US dollars / barrel, once climbed to the highest since 2014, 71.28 US dollars / barrel; US West Texas Intermediate crude oil futures hit the highest 66.66 US dollars / barrel, for 2014 The highest since December, eventually closing at 66.14 US dollars / barrel, the weekly gain of about 4.36%.
The IMF's latest edition of the "World Economic Outlook" report raised forecasts for global economic growth in 2018 and 2019, effectively boosting demand for crude oil and providing good support for oil prices. Saudi Arabia, the main member of the Organization of Petroleum Exporting Countries (OPEC), made it clear that OPEC and other major oil-producing countries will continue to steadily push forward the production cut-off agreement and will seek more cuts in cooperation after the cut-off agreement expires to further bring to the market Optimistic expectations. Meanwhile, the latest data released by the US Energy Information Administration shows that the U.S. crude oil inventories fell for the 10th consecutive week, decreasing by 1,071,000 barrels to 411,600 barrels, the lowest level since February 2015. Meanwhile, Cushing crude oil stocks are also declining. In addition, the dollar index extended its downtrend below the 90 mark and set a new low in 3 years, which also gave strong support to the rise in international oil prices denominated in U.S. dollars.
Currently, the market expectations of crude oil production seems beyond the original imagination, major agencies have raised crude oil production, and mainly concentrated in the United States and OPEC aspects. Driven by the independent energy policy of the United States, the United States is making every effort to increase its crude oil output by 10 million barrels a day this year. Data released by Baker Hughes, a GE energy services company, showed that the number of U.S. active drilling rigs increased by 12 last week, the largest weekly increase since March last year. Some analysts believe that with the sharp rise in US crude oil drilling data and seasonal crude oil demand weakened, oil prices upside or will be subject to certain restrictions. (Economic Daily - China Economic Net reporter Huang Haishun)
The IMF's latest edition of the "World Economic Outlook" report raised forecasts for global economic growth in 2018 and 2019, effectively boosting demand for crude oil and providing good support for oil prices. Saudi Arabia, the main member of the Organization of Petroleum Exporting Countries (OPEC), made it clear that OPEC and other major oil-producing countries will continue to steadily push forward the production cut-off agreement and will seek more cuts in cooperation after the cut-off agreement expires to further bring to the market Optimistic expectations. Meanwhile, the latest data released by the US Energy Information Administration shows that the U.S. crude oil inventories fell for the 10th consecutive week, decreasing by 1,071,000 barrels to 411,600 barrels, the lowest level since February 2015. Meanwhile, Cushing crude oil stocks are also declining. In addition, the dollar index extended its downtrend below the 90 mark and set a new low in 3 years, which also gave strong support to the rise in international oil prices denominated in U.S. dollars.
Currently, the market expectations of crude oil production seems beyond the original imagination, major agencies have raised crude oil production, and mainly concentrated in the United States and OPEC aspects. Driven by the independent energy policy of the United States, the United States is making every effort to increase its crude oil output by 10 million barrels a day this year. Data released by Baker Hughes, a GE energy services company, showed that the number of U.S. active drilling rigs increased by 12 last week, the largest weekly increase since March last year. Some analysts believe that with the sharp rise in US crude oil drilling data and seasonal crude oil demand weakened, oil prices upside or will be subject to certain restrictions. (Economic Daily - China Economic Net reporter Huang Haishun)
