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Crude oil prices hit bottom yet increasing demand

Crude oil prices hit bottom yet increasing demand

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
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Crude oil prices hit bottom yet increasing demand

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information

Although the international oil prices down the message loud and clear, but there are people in the industry said that the international oil price bottomed out too early.

Since the March U.S. payrolls data significantly below market consensus expectations, investorsreduced the Fed rate hike in June, the dollar index weakened again, this is a good news for the international oil prices. At the same time, Saudi Arabia has raised the price of oil exports to Asia last week, and Cushing (New York Mercantile Exchange crude oil contract in WTI, Oklahoma, Cushing)crude oil inventories sharply reduced, by the impact of oil prices rebounded sharply.

"Investors believe that international oil prices have bottomed out? This conclusion is premature."That top precious metals chairman and President Xia Yufei told Xinhua interview for energy, oil,after all, the dollar is denominated in the currency, so the strength of the dollar in the background,the rise in the price of oil resistance."

Increases resistance

New energy: some signs that oil prices halved since June last year after the global oil demand has increased, what do you think of the relationship between supply and demand?

Xia Yufei: from the environment, demand is still insufficient. Especially in the euro zone economy remains in the doldrums, currently in the early stages of recovery difficult, industrial production has no significant warming, to oil and other energy demand will not increase significantly. In addition to oil demand in Asia there is no evidence to show that the improved significantly, in the final analysisoil prices eventually decided by supply and demand relations. The supply side, although the data show that the number of America oil drilling platform has declined for seventeenth consecutive weeks, but the market share war entered the white hot stage, oil production in the Middle East will not be reduced because of national production and low oil prices. And Iran is expected to reach anuclear agreement, once an agreement is reached, it will be the end of sanctions against Iran, Iranas the world's fourth largest oil producing country, its domestic oil stock will quickly release to the world, from the supply with oil prices impact.

Xinhua News: China's energy for the international crude oil market impact?

Xia Yufei: as one of the world's major oil importing countries, China in the international crude oil market has a great influence, especially in the current international crude oil market oversupply,from China's oil demand will determine the future trend of international crude oil prices to a large extent.

Xinhua News: in addition to the energy supply and demand, do you think what factors can affect prices?

Xia Yufei: from the perspective of the dollar, although the employment market America unexpectedly fell, but does not mean that a strong dollar is over. In the global scope, USA economic situation is still in a dominant position, the dollar relative appreciation of the cycle continues, the Fed may start raising interest rates in the context of the future appreciation of the space should not be overlooked, the dollar. For the oil, after all, the dollar is denominated in the currency, so the strength of the dollar in the background, the rise in the price of oil resistance.

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