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International oil market review March 25, 2015
Number of visits：68
Date：2021-09-30
Crude oil futures prices rose on Wednesday, due to a weaker dollar, the Yemen war and speculative buying, while U.S. crude oil inventories increased to a record high for eleventh consecutive weeks.
The New York Mercantile Exchange in May delivery of light crude oil futures rose $1.7 to settle at $49.21 a barrel, up 3.6%. This is the highest settlement price since March 9th.
London ICE exchange Brent crude futures rose $1.37, to $56.48, or 2.5%, the highest settlement price since March 12th.
U.S. oil prices rose to close to $50 a barrel for the first time since March 9th. Four consecutive trading days the rising trend is also consistent with the path to the beginning of the February January tobe. The futures since June last year, has not been achieved for five consecutive trading days up.
Oil prices in the past week, most of the trading day up, due to the Fed's expectations of the market to raise interest rates, which prompted the U.S. dollar fell from a historical high, to promote the rise in oil prices.
U.S. dollar index fell on Wednesday, so before the United States announced the February durable goods orders data disappointing. The dollar's weakness has reduced the cost of other dollar denominated commodities.
The dollar against the euro also fell, after the largest European economies - Germany announced the March corporate confidence even rose fifth months, hitting the highest in July last year, while the French business confidence is still high in the past three years.
Yemen war to investors worried about the safety of oil transport in the middle east. Analysts fear that if the conflict involves Saudi Arabia and Iran, the world's largest oil field in the location of the Arabia Peninsula may be the outbreak of war. The Middle East conflict could boost oil prices on Wednesday, however, Zahir and other traders believe that the primary reason for the weakness of the dollar may still push up oil prices.
U.S. Energy Information Administration (EIA) announced on Wednesday, as of the week of March 20th U.S. crude oil inventories increased by 8 million 200 thousand barrels to 466 million 700 thousand barrels. Analysts surveyed by the Wall Street journal had expected an increase of 5 million 600 thousand barrels per day.
On the New York Mercantile Exchange crude oil physical delivery locations of Oklahoma Cushing crude oil inventories increased by 1 million 900 thousand barrels to 56 million 300 thousand barrels, a record high.
After the inventory data of oil prices rose narrowed, but in 90 minutes to rebound, and still maintain gains after, even once rose more than $2 for a high influx of speculators.
In addition, the energy information agency released data also show that as of March 20th week, the U.S. gasoline inventories decreased by 2 million 14 thousand barrels to 233 million 386 thousand barrels, distillate inventories decreased by 34 thousand barrels to 125 million 849 thousand barrels.
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