On Tuesday, the oil distribution rose to US$80.45, which is close to the highest sinWhat is the current crude oil contractce last week’s 204 months, but has since fallen below US$80. The US oil rose to US$788/barrel in the session, refreshing its highest level since 204, and the same increase has been since then. Slightly narrowed.
US President Trump announced that he has canceled the historic summit with North Korean leader Kim Jong Un in Singapore scheduled for next month. The summit was originally scheduled to be held on June 2 and will be the first face-to-face meeting between an incumbent US president and a North Korean leader.
The bank believes that any short-term surge in oil prices will be mainly driven by sentiment and a temporary rebound, rather than a fundamental supply gap. Barclays said: Although we expect that oil prices above $80 will become the new normal in the next decade, our market balance does not believe that this price level is reasonable in the next one to two years. There are many other reasons to look at oil prices in this time frame, but the'supply gap' is not one of them.
In addition, at this official meeting, the opposition camp increased Kuwait and Oman. The reason for the two countries’ opposition to increasing production was that they were worried that the fall in oil prices would reduce their own foreign exchange income, and it would be difficult to withstand the capital outflow pressure derived from the sharp appreciation of the U.S. hawks' interest rate hike. At the same time, because they lack the ability to increase production, it is actually beneficial for them to keep oil prices at a high level with a certain output.
Why has the crude oil shipped this time increased by a factor of zero? Perhaps Iran is reselling the oil. As a source from the National Iranian Tanker Company NITC said: We have many ways to sell our crude oil. When these tankers arrive in Dalian, we will decide whether to sell the crude oil to other buyers or to sell it. It is impossible to prevent Iran from selling crude oil.
Previously, due to the impact of the Turkish economic crisis, India, as one of the emerging market countries, was also affected. In order to defend the rupee, the Central Bank of India sold a lot of dollars, but the effect was minimal. In June this yeWhat is the current crude oil contractar, the Central Bank of India raised interest rates for the first time in 204 years. However, judging from the phenomenon that investors still flee with funds, the central bank's intervention in boosting investor confidence is really obvious. In July, foreign investors withdrew more than $6.6 billion from the Indian stock market.
Summary: On Friday, July 6, Iran and the five countries of Britain, France, Germany, China and Russia held a foreign ministerial meeting in Vienna to save the nuclear agreement on the verge of an ongoing crisis. The meeting passed an important joint statement in which the five countries of Britain, France, Germany, China and Russia stated that the five countries will still be committed to economic relations with Iran, including continued oil and gas exports and other energy products with Iran.
OPEC and Russia’s production costs are much lower than that of US shale oil, and higher oil prices have increased the production of US shale oil. In this context, the US decision to impose the highest level of sanctions on Iran has greatly stimulated oil prices. Brent crude oil even broke the $80 mark in one fell swoop despite the strong rebound of the US dollar.
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