The hottest oil price has broken through the psych

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The price of oil broke through the psychological resistance level of $70 within reach

the price of oil broke through the psychological resistance level of $70 within reach

August 10, 2005

since the benchmark crude oil of the New York Mercantile Exchange stably stood at $62/barrel last Friday, the crude oil rose like a tide this week and challenged to a higher point. At present, the crude oil price has exceeded $64/barrel. Now it seems that $70/barrel is within reach, and the inflation adjusted $90/barrel in 1981 is not out of reach

investors generally believe that once the crude oil price crosses the important resistance level of $62.5/barrel, the upward momentum will drive the price to climb higher

on August 8, a large number of mutual funds and speculators bought multiple orders, and the price of crude oil futures in September on the New York Mercantile Exchange rose to $63.94 a barrel at the close, rewriting the highest closing record just set on the previous trading day. On the 9th, crude oil futures in New York surged to $64.27 a barrel in Asian trading, 48% higher than the price at the beginning of this year

geopolitical risk is the main factor affecting the current crude oil market. As the current surplus capacity is very limited, any event threatening supply will make the market extremely nervous

the death of King Fahd of Saudi Arabia is the fuse of this round of oil market, which has made the crude oil price out of the shock consolidation pattern; The decision of the United States to temporarily close its embassy in Riyadh touched the sensitive nerves of investors and pushed the crude oil price to set new records again and again. Saudi Arabia is the world's largest oil exporter

Iran, the second largest member of OPEC, announced that it had resumed uranium conversion activities at a nuclear facility near Isfahan, which also added some anxiety to investors. The United Nations Atomic Energy Agency will hold an emergency meeting later this Tuesday

the fundamental problems of the United States are intertwined with concerns about the situation in the Middle East. More and more refinery problems make the market doubt whether the gasoline supply can meet the summer driving season demand of the United States, also known as friction testing machine. Due to the overloaded operation of refineries, about 12 refineries unexpectedly closed production lines in the past few weeks

the market is also worried that refineries cannot reserve enough heating oil for the peak demand in winter. The internationalenergyagency predicted that daily oil consumption would reach 85.9 million barrels in the fourth quarter

industry analysts believe that under the combined attack of refinery problems and strong demand, U.S. gasoline inventories will continue to decline. Kevinnorrish, an energy analyst at Barclays Capital, said that the operation of the U.S. oil refining system has reached its limit recently, and there may be more production interruptions in the future

crude oil prices hit record highs, making wall street full of clouds. On August 8, the Dow Jones Industrial Average fell 21.10 points to 10536.93. Since last Thursday, the Dow Jones Industrial Average has lost 160.66 points, or 1.5%. The S & P 500 index fell 3.29 points to 1223.13

the Asian Development Bank said that the high price of oil adding the weighed powder into the mixing chamber of the high-speed mixer and the slowdown in exports may reduce the economic growth rate of East Asian countries. China's economic growth rate may slow to 8.9%

US President Bush 4.2.8 regulates high-temperature installation for high-temperature decadence experiments of 100 ℃ ~ 1200 ℃ metals. On Monday, he signed an energy bill worth US $14.5 billion to stimulate the production of natural rubber extracted from rubber trees and synthetic rubber produced from crude oil. Bush said the bill will reduce the United States' dependence on foreign oil, which accounts for 60% of U.S. consumption. He said that stimulating domestic output could effectively quell prices

market analysts generally believe that crude oil prices will reach $70/barrel or $72/barrel before Labor Day (September 5)

Shanghai fuel oil futures continued to close higher yesterday, following the rise of international crude oil. After the high opening of the futures price, it fluctuated in the session, and fell to a certain extent due to profit pressure in the late session. Positions in major contracts continued to increase. At the close of the day, all contracts rose by 2 to 56 yuan, of which the main 0511 contract closed at 2939 yuan/ton, up 30 yuan

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