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Recently, the price of the international oil market (WTI) has continued to fall, falling to the lowest level since March 3, 2009 to 40.
45 yuan
.
Oil prices have fallen more than 30 percent
since peaking in June as OPEC producers maintain high output.
The September delivery WTI contract, which expires on Thursday, fell $1.
82 to settle at $40.
80 a barrel on the New York Mercantile Exchange, its biggest
drop in six weeks.
In its report, Citigroup predicted that the oil market glut would continue throughout 2015, and as for how far oil prices could fall, it said: "The low of $32.
40 in 2008 is conceivable
.
" ”
However, China's crude oil imports bucked the trend and hit a new high, reaching 30.
71 million tons, an increase of 29%
year-on-year.
This is the third time this year that China's crude oil imports have surpassed those of the United States
.
Against the backdrop of weak overall domestic demand, this move may be to increase China's oil reserves
.
Along with oil prices, copper prices
fell.
London copper fell for the fifth straight session, hitting a six-year low, and copper fell 0.
8% during the three-month LME to close at $4,995/mt, the longest losing streak since July 27
.
Like oil, copper faces an oversupply, with the World Bureau of Metal Statistics saying on Wednesday that copper production exceeded demand by 151,000 tonnes in the first half of the year; There was an oversupply of 295,000 tonnes in 2014, and copper stocks on the London Metal Exchange have more than doubled recently, near their highest point since January 2014
.
Recently, the price of the international oil market (WTI) has continued to fall, falling to the lowest level since March 3, 2009 to 40.
45 yuan
.
Oil prices have fallen more than 30 percent
since peaking in June as OPEC producers maintain high output.
The September delivery WTI contract, which expires on Thursday, fell $1.
82 to settle at $40.
80 a barrel on the New York Mercantile Exchange, its biggest
drop in six weeks.
In its report, Citigroup predicted that the oil market glut would continue throughout 2015, and as for how far oil prices could fall, it said: "The low of $32.
40 in 2008 is conceivable
.
" ”
However, China's crude oil imports bucked the trend and hit a new high, reaching 30.
71 million tons, an increase of 29%
year-on-year.
This is the third time this year that China's crude oil imports have surpassed those of the United States
.
Against the backdrop of weak overall domestic demand, this move may be to increase China's oil reserves
.
Along with oil prices, copper prices
fell.
London copper fell for the fifth straight session, hitting a six-year low, and copper fell 0.
8% during the three-month LME to close at $4,995/mt, the longest losing streak since July 27
.
Like oil, copper faces an oversupply, with the World Bureau of Metal Statistics saying on Wednesday that copper production exceeded demand by 151,000 tonnes in the first half of the year; There was an oversupply of 295,000 tonnes in 2014, and copper stocks on the London Metal Exchange have more than doubled recently, near their highest point since January 2014
.
