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International oil prices "three consecutive declines", WTI fell below 70 US dollars / barrel

 Last Update: 2021-08-14
 Source: Internet
 Author: User

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On August 4, international oil prices plummeted.
The settlement price of the main contract in the WTI crude oil futures market in the United States was reported at US$68.
15/barrel, a decrease of US$2.
41 or 3.
41%, and the settlement price of the main contract in the Brent crude oil futures market was reported at US$70.
38/barrel, a decrease of 2.
08.
USD or 2.
87%
.

According to the analysis of the business agency, oil prices have fallen for three consecutive trading days, mainly due to data released by the US Energy Information Administration on Wednesday showing that crude oil inventories have unexpectedly increased sharply
.

In addition, the market's worries about the slowdown in demand caused by the Delta virus have been further amplified, as well as concerns about oversupply caused by increased production in oil-producing countries

According to EIA data, as of the week of July 30, commercial crude oil inventories excluding strategic reserves increased by 3.
627 million barrels to 439.
2 million barrels, an increase of 0.
8%, and refined oil inventories increased by 832,000 barrels, putting pressure on oil prices.
At the same time, people are worried about the Delta variant.
The spread of oil will put pressure on global energy demand, prompting oil prices to close down for three consecutive days
.

However, Saudi Arabia raised the official price of all grades of oil in September and set the official price of Arabian light crude oil sold to northwestern Europe in September at a discount of US$1.
7/barrel to the settlement price of Brent crude oil
.

The official price of Arabian light crude oil sold to the United States in September is set at a premium of $1.

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