Summary: Global demand prospects are worried about losing international oil prices

Xinhua News Agency, New York, September 7th: Global demand prospects are worried about losing international oil prices

Xinhua News Agency reporter Liu Yan

As the global economy and petroleum demand continued to be under pressure, international crude oil futures prices fell sharply by more than 5%on the 7th, down to the low point since January this year.

As of the closing of the day, the price of light crude oil futures delivered by the New York Commodity Exchange in October fell 4.94 US dollars and closed at $ 81.94 per barrel, a decrease of 5.69%; It was closed at $ 88 per barrel and a decrease of 5.2%.

Phil Flynn, a senior market analyst at the U.S. Fliss Futures Group, said that many investors in the market liquidated in the market because of concerns about the turning of the economic situation. After the Wall Street Journal reported on the day of the Federal Reserve's interest rate hike in September, it was likely to raise interest rates of 75 basis points, and oil prices began to "defeat".

The Fed Vice Chairman Leir Brener said on the 7th that as long as the inflation can be reduced, the Fed will continue to tighten the monetary policy. So far, the Federal Reserve has quickly increased interest rates to the peak of the previous rate hike cycle, and the benchmark interest rate needs to be further improved.

At the same time, the European Central Bank will announce a new monetary policy resolution on the 8th that the market is expected to raise interest rates by 75 basis points. Market participants believe that the European Central Bank has to raise interest rates to respond to inflation, which greatly increases the risk of European economic recession.

PVM Petroleum Brokerage Analyst Stephen Brenx said that due to the rise in inflation and increased interest rates, the concerns of the shrinking of oil demand are increasingly closer to reality.

Troy Vinsont, an analyst at the US market service agency DTN market, said that the decline in oil prices showed the impact of factors such as the strong US dollar and the rebound of the new crown epidemic on oil demand. He said that for the overall oil demand, the macroeconomic environment is "catastrophic."

Foreign Exchange Empire Market Analyst Vladimir Joconov said that because traders are worried about the prospects of oil demand this year, New York crude oil futures prices are still significantly under pressure. From a technical point of view, New York oil prices are closed below the important support level, and the downward trend is still solid, and oil prices may continue to decline.

[Editor in charge: Wu Yongling]

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