International oil prices have risen sharply in the day, and for a while, the bullish sentiment of oil prices has spread. Major institutions have predicted the market trend of international oil prices in 2U.S. annual crude oil production09. According to Commerzbank, the international oil prices in 209 will rise to around US$70 as they did in 208 and then fall again. .
At 8:55 pm on August, Beijing time on Monday, OPEC’s monthly crude oil market report showed that the organization’s July crude oil production increased by 40,000 barrels per day to 20,000 barrels per day, which was revised to 220,000 barrels in June. According to data reported by Saudi Arabia, Saudi Arabia’s output in July was 0.28 million barrels per day, and in June it was 0.44 million barrels per day. After the report was released, international oil prices fell short-term.
It appears that there are differences of opinion within OPEC and between Russia and Saudi Arabia. Saudi Arabia and Russia support the increase in production, but countries such as Iran, Iraq, Venezuela and Algeria oppose the increase in production, which makes this week’s policy meeting face a greater challenge.
The Norwegian North Sea oil field ended a zero-day strike on July 9 last Thursday, but this does not mean the full recovery of production capacity in the region, because the UK's largest union has since threatened to launch a strike in the North Sea oil production area. The workers at a local base of Total in France also have this wish.
Short-term volatility has been on a downward trend since the beginning of 206, and fell to its lowest level since August 204 in 208. The 20-day standard deviation of daily price changes calculated at an annual rate, a common volatility indicator, dropped from 80% in the previous year to% of the month. Since the beginning of February, oil prices have seen a relatively sharp drop recently, and the volatility has temporarily increased slightly, but the overall volatility has also been relatively stable.
In addition, at 02:00 Beijing time on Thursday, May, the Federal Reserve will release the Beige BooU.S. annual crude oil productionk of the Economic Sentiment Report. Since the latest data shows that the unemployment rate is lower than 4%, it is expected to boost wage growth and may even cause the economy to overheat. This Beige Book may mention the US economy’s rapid growth or overheated language, which may boost the market’s response. Expected number of interest rate hikes during the year. Later, at 0:00 Beijing time, the Federal Reserve held a public meeting to consider a proposal to modify the Volcker rule to prohibit proprietary trading.
But Trump seems to be overconfident. Although he said he can accept the meeting unconditionally, Iran has the conditions. The Iranian side stated that US President Trump’s offer to negotiate with Iran contradicts his actions. The United States unilaterally withdraws from the Iran nuclear agreement. This is not trustworthy. Therefore, Iran currently does not intend to negotiate with him. The three conditions set by an adviser to Iranian President Rouhani include respect for Iran’s rights, release of hostility and return to the nuclear agreement. The consultant said that in order to pave the way for Iran and the United States to start dialogue, the United States should return to the nuclear agreement signed three years ago.
Before Saudi Arabia raised the official price of crude oil in Asia, it was severely beaten. Saudi Aramco raised the official price of Arabian light crude oil sold to customers in Asia in May. The price per barrel was US$2 premium to the Oman/Dubai benchmark price, which was a monthly increase of 0 cents.