In recent weeks, Russian government officials have been calling for lower and higher oil prices, which echoes the wave of retail fuel interventions in countries Crude oil spot price quotefrom Latin America to India. In order to soothe public sentiment, the newly appointed Russian Deputy Prime Minister Kozak said that it may raise the export tax of automobile fuel to ensure domestic supply.
API data released this morning showed that crude oil inventories decreased by 40,000 barrels, but the decrease was less than expected. Even if the EIA data in the evening is different from API, the data is more favorable for crude oil, so the market and technical side are so bearish Under the circumstances, the pattern of oil prices falling to $5 cannot be changed.
As forward-looking data, API inventories have surged beyond expectations. Can the increase in US EIA crude oil inventories be far behind? Under this expectation, US crude oil inventories continue to increase, detonating concerns about oversupply, and international oil prices are once again facing a negative impact.
However, Smith, head of bulk commodity research at ClipperData, a shipping intelligence company, said that it now appears that prices have gone too far and too fast. He said that they have reached their goal and it now appears that they are pulling leverage and trying to keep the price at around $80. The price of $80 is neither too hot nor too cold, which is just right.
Will be overthrown soon. These words seem to encourage Venezuela to launch a military coup, but it may not be surprising, because an investigation published by the New York Times in early September revealed that the Trump administration had secretly met with Venezuelan military officials in the past year to discuss overthrowing Maduro. government.
In Russia, due to the recent pressure from the United States, the plunge in international oil prices will cause heavy losses to Russian oil companies. In this regard, Russia said it would limit oil production to push up international oil prices to benefit Russian oiCrude oil spot price quotel companies. Saudi Arabia also agreed with Russia's approach.
Although the sanctions imposed by the United States on Iran have increased the tension in international crude oil supply on the surface, in the long run, the main buyers of Iranian crude oil cannot find effective alternative sources will cause domestic oil prices to soar, which will cause the country’s economy. Damage, which in turn reduces the demand for crude oil.
In addition to Iran, another risk factor comes from Venezuela. At present, the Venezuelan crude oil industry is suffering from the domestic economic depression, and there is a serious lack of reproduction funds. After the election, the United States adopted new sanctions. The market predicts that this round of sanctions will bring a further blow to the country's already troubled crude oil industry.
The United States, the United Kingdom, France and Italy all expressed concern that Libya's Petroleum Corporation will no longer have the right to handle these crude oils, because this will unexpectedly result in the cessation of port shipments of approximately 850,000 barrels per day. Under the premise of OPEC's efforts to increase production, Libya's crude oil exports will be uncertain.
The Ministry of Commerce pointed out that China does not want to fight a trade war, but in the face of the short-sighted behavior of the United States that hurt others and disadvantages, China has to fight back forcefully, resolutely defending national and people’s interests, and resolutely defending economic globalization and the multilateral trading system. China will immediately introduce taxation measures of the same scale and intensity, and all the economic and trade results reached by the two parties' previous negotiations will be invalidated at the same time. In today's era, launching a trade war is not in the global interest. China calls on all countries to take joint actions to resolutely stop this outdated and retrogressive behavior and firmly defend the common interests of mankind.