It is predicted that OPEC will take action to support the crude oil rebound on Tuesday
it is predicted that OPEC will take action to support the crude oil rebound on Tuesday
March 4, 2009
[China paint information] the oil price in New York rebounded on Tuesday due to the prediction that OPEC will take further action to support the oil price. At the close of Tuesday, April light crude oil futures on the New York Mercantile Exchange were $41.65 a barrel, up $1.50 from the previous trading day; April Brent crude oil futures on the London Intercontinental Exchange were $43.70, up $1.49; April heating oil futures in New York rose 2.84 cents to 117.96 cents per gallon; Rbob gasoline futures in April were 131.94 cents per gallon, up 3.32 cents; The March diesel futures on the London Intercontinental Exchange were $361.25 per ton, down $4.75 from the previous trading day
Iranian oil minister nouzari said on Tuesday that OPEC will review the current oil market in the Vienna conference room on March 15 and will try a new way to boost oil prices. Nuzari had previously said that the implementation rate of OPEC's decision to reduce production by using professional combustion furnaces has reached 80%, so it is impossible to further reduce production at the meeting on the 15th. In terms of geopolitics, shell Nigeria said on Tuesday that it would close some of its production capacity in Nigeria due to the attack on an oil pipeline at the weekend, which also supported oil pricesJim
president of ritterbusch and associates, a trade consulting company, said, "OPEC will try its best to stabilize the market, but the effect of the production reduction will not be reflected until one to two months later. OPEC is expected to reduce production by 500000 to 1million barrels."
crude oil futures for April delivery in New York on Tuesday rose $1.50, or 3.7%. The oil price has risen by 6.6% this year, down 59% from the same period last year
according to a survey of oil companies, oil producing countries and analysts conducted by Bloomberg News Agency, the crude oil production of 12 OPEC countries in February this year was 27.775 million barrels per day, a decrease of 770000 barrels per day compared with January, with a reduction of 2.7%. Except for Iraq due to its inert characteristics, the domestic production of 11 members was 25.39 million barrels per day, higher than its production target of 545000 barrels per day
on Monday, oil prices in New York plummeted by $4.61, or more than 10%, the largest one-day decline since January 7. Christopher, the broker of Prudential Financial Company in London, said, "otherwise, not only will the experiment not be very successful/p>
bellew believes: "Even if the oil price fell abnormally as it did on Monday against the backdrop of the current economic deterioration, we can still think that $40 is the de facto bottom line of the oil price at present. OPEC's production reduction and the cold climate have supported the oil price.
earlier on Tuesday, due to the decline of the US stock market, the oil price in New York once fell below $40 a barrel. Federal Reserve Chairman Bernanke said in a speech that policymakers may need to turn the bank The scale of the industrial rescue plan has expanded to more than $700billion, and other radical measures may still be needed to save the banking system. Affected by this, the stock market and oil prices rebounded slightly, reducing the previous decline
Mike sander, a commodity broker at altavest worldwide futures trading company in California, said, "economic factors are still the dominant factor affecting oil prices. Only when the economy recovers can demand fundamentals recover." The U.S. Department of energy will release the weekly oil inventory report on Wednesday. According to the median forecast of Bloomberg News Agency's survey of analysts, the U.S. crude oil inventory may increase by 1million barrels last week, compared with 351.3 million barrels the previous week, mainly due to the increase in imports and the recovery of refinery operating rates; Gasoline inventory may have fallen by 550000 barrels from 215.3 million barrels in the previous week, and distillate oil inventory may have fallen by 141.6 million barrels in the previous week, although the expectation for function is getting higher and higher by million barrels
data released by the American Petroleum Institute on Tuesday showed that U.S. crude oil inventories fell 463000 barrels to 345.7 million barrels last week
according to the latest news, the package price of OPEC calculated by the weighted average price of 12 OPEC member states on March 2 was $42.98 per barrel, down $0.32 from the previous trading day
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