Turning Point
international oil prices rise to a turning point controversy by Lisa
CNOOC experts believe that oil prices may be down to the inflection point, but more experts believe that the global liquidity conditions are not changed under the premise of limited room for further decline
International crude oil futures prices in the past week hit a dollar-denominated weekly drop since the record, in conjunction with a dismal overall commodities markets.
Interview of the industry, said a tremendous impact on oil prices because of geopolitical stabilized in the death of bin Laden, the international oil prices “inflection point” as well. However, some experts pointed out that the Middle East, North Africa, this round of turmoil since the fluctuations in commodities, mainly geopolitical fundamentals reflect the ups and downs. Taking into account the significant financial commodity attribute of the global liquidity conditions have not significantly shrink the background, further sharp fall in commodity prices is limited.
Record
Record single-week decline in oil prices
After a year of the bull market, the international commodities along with the news of the death of Osama bin Laden pulled off the collective diving. May 5, commodity markets tumbled across the board: International oil prices tumbled nearly 9%, New York, oil prices fell below 100 U.S. dollars per barrel, hitting the biggest one-day drop in two years. London Metal Exchange (LME) base metals fell across the board, gold fell more than 2% and silver by a whopping 8%. The prices of raw materials to track the movement of 24 S & P G SCI index fell 6.5%, the largest decline since record two and a half. Immune from the domestic commodity market is difficult, on Friday fell across the board to follow the trend of external disk, petrochemical, nonferrous metals and other varieties leading the decline.
Crude oil price as the benchmark commodity prices, its ups and downs of the market can be tracking the rhythm. Since late February, the Libyan unrest upgrade, as OPEC member and Africa’s third-largest oil producer, the world’s fifteenth-largest oil exporter, directly contributed to the volatile situation in Libya, the New York Mercantile Exchange (NYM EX) oil prices soaring. February 21, NYM EX light crude oil futures prices to rise 6% opened the curtain rose, and easily return to triple digits after a week time, to before the crash, New York crude oil futures have risen by 17 %. However, in the United States announced that Bin Laden was killed, the international oil prices worsened, and ushered in the decline for five consecutive trading days, the New York Mercantile Exchange (NYM EX) 6 Light, sweet crude for February delivery closed at each Friday $ 97.18 a barrel. Thus, when the weekly oil prices drop nearly 15% of the total, a record in dollar terms since the highest single-week decline.
Trend in oil prices have fallen stimulation, the whole a miserable commodity markets, base metals, agricultural products spared. Full Powei London Metal Market, copper and aluminum lead and zinc have both been the sharp decline in the sugar and cotton, two major agricultural products into Shenfudiaozheng, according to statistics calculated by highs, Copper & adjust more than 10% zinc adjusted over London 18% cotton, adjusted for over 33%, sugar 30% adjustment.
Precious metals markets also suffered heavy selling pressure. 5, Bank of ending a six-week uptrend plunged 8%. 6 CO M EX 7 silver prices for May delivery fell again, to close at $ 35.29 an ounce, down 2.6%, from 25 April to a record of $ 49.845 / ounce high computing for 30 years, silver has come down to this 30 %. May 2 had a record high of $ 1,577.40 on the touch / ounce gold futures also tend to February 2009 the biggest decline since, CO M EX6 gold futures for February delivery closed at 6 at $ 1,491.60 an ounce. Have dropped over 4% in the week.
Dispute
Facing the turning point in international oil prices?
“International oil prices may be facing a turning point.” CNOOC Energy Economy Research Institute researcher Guan Qingyou to the “Economic Information Daily,” told reporters. Including Guan Qingyou, including most of its energy experts agree that the international crude oil prices had not affected too much supply and demand aspects, geopolitical and ample global liquidity is the main reason for high oil prices push “to know the global oil market Stock is not low, demand is not very strong. “Guan Qingyou said.
Recent Ikunori reflect supply and demand of oil is pushing up the news of the expected crude oil prices down. 5, OPEC said it is considering improving the June meeting, the official production quotas. Meanwhile, the U.S. Labor Department reported that as of April 30 when the weekly number of initial applications for unemployment benefits in August 2010 reached its highest level since.
Friends of the pipe clear view, bin Laden died, the Middle East, North Africa, oil-producing areas of geopolitics will usher in a phased relaxation “after bin Laden, the United States will step in resolving the situation in control of Libya, Qaddafi is just a time to step down problem. When crude oil related commodities to the market will usher in another round of decline. “Guan Qingyou said.
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