On Friday, Eastern Time, international oil prices rose slightly. As of the close, New York October crude oil futures closed up $0.03, or 0.08%, at $37.33 per barrel.
related reports:
demand is sluggish, oil prices are sluggish, traders are starting to stock up on the offshore
At present, global crude oil inventories are far higher than the normal level in previous years, and the onshore oil storage capacity has long been close to saturation. In desperation, many traders have begun to book tankers to stock up on the offshore. (Source: Golden Headlines)
EIA inventory unexpectedly increased sharply. OPEC+ can only clear the obstacles to further deepen the production cuts
Analysts at RBC said that despite the recent decline in oil prices, we believe that at the current stage, OPEC+ leadership will continue to work hard to ensure that all parties comply with the agreement better, rather than pushing for further production cuts. Analyst Michael Jeffers said gasoline stocks are slowly but firmly moving closer to the five-year average, but this is mainly the result of under-operation of refineries; the four-week average of gasoline demand remains well below seasonal normal levels. (Source: Huitong.com)
The downward oil price has brought negative news. The pressure on the energy market is increasing.
Recently, the positive expectations of the international crude oil supply side have weakened, and the overseas epidemic is becoming more and more severe. The US dollar index has strengthened. Most of the industry insiders see the fluctuations. The demand side of the energy market itself is weak, and expectations are slowly increasing. Profits of some product devices have narrowed, and the momentum is difficult to find, and the short-term stability side is large. (Source: Longzhong Information)
(Article source: Oriental Wealth Research Center)
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