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International oil market review May 22, 2015
Number of visits：91
Date：2021-09-30
Crude oil futures fell on Friday, as the dollar strengthened, and the decline in the number of drilling platform in the United States slowed.
The New York Mercantile Exchange (NYMEX) WTI July delivery of light sweet crude oil futures settled down $1 to $59.72 a barrel, down 1.6%. But the futures rose slightly this week, a total of $0.03. London Intercontinental Exchange (ICE) July Brent crude oil futures fell $1.17 to $65.37 a barrel, or 1.8%, down 2.2% this week.
The trend of oil prices and the dollar draw further apart in recent weeks, some analysts believe that the recent rise in oil prices is due to the weakness of the dollar. Global crude oil market is still oversupply, some analysts warned that the oil price rise is difficult to continue, and oil prices may decline later this year from the current level.
Friday, the U.S. dollar strengthened, as the U.S. Labor Department said, in April the U.S. consumer price index (CPI) rose for fourth consecutive months, suggesting that the potential price pressure may cause the fed to raise interest rates. Wall Street journal dollar index rose 0.7%. The dollar makes oil more expensive for foreign buyers. Moreover, the Fed chairman Yelen said that the Fed is expected to raise interest rates this year, because the U.S. economy rebounded in the first quarter from the weak in the track, and the domestic and foreign economic factors began to subside. Then the dollar in nearly a month high near the exchange.
In addition, the data show that the number of U.S. drilling platform last week, only to reduce one, showing the number of drilling platforms in recent months, a sharp decline in the trend may be nearing completion. Some companies have said that oil prices stabilized at $60 a barrel, they can increase drilling activities, thereby increasing the market continued to make the market pressure of the global supply of crude oil.
Oil prices surged earlier this week in the memorial day, which marks the unofficial summer driving season. Car prices have risen in recent months as gasoline prices are cheap and the economy is strong. The retail price of gasoline is at the lowest level since 2009.
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