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U.S. oil company rose continuously for more than three-and-a-half years, hitting a new high

June 30, 2018 02:01
source: Oriental Wealth Network

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Oriental Fortune Net News 30th, Eastern Time Friday, InternationalOil priceRecorded four consecutive rises, the US oil continued to hit a new high of more than three and a half years, the oil to the 80 dollar mark launched an impact. In the news, the supply of Libya crude oil continued to be blocked, and the number of Baker Hughes oil rigs continued to decline. In addition, a weaker dollar also boosted oil prices.AnalystIt is believed that the rising trend of crude oil prices since January 2016's low will continue for several years, and the period will be accompanied by amendments.

At the close, WTI August crude oil futures closed up $0.70, or 0.95%, to $74.15/barrel, reaching a record high since November 2014. The previous month's contract has risen more than 8% this week, and has risen about 11% in June. The second quarter has accumulated over 14%, and so far in 2018, the cumulative increase is nearly 23%.

Brent August crude oil futures settled up 1.59 US dollars, or 2.04%, at 79.44 US dollars/barrel, reaching a record high since May. The previous month's contract increased by about 5.2% this week, and it increased by 2.4% in June. In the second quarter, there was a cumulative increase of about 13%, which rose by 18.8% in the first half of the year.

In the news, WTI crude oil futures remained unchanged at approximately 1% after the release of the Baker Hughes Oil Drilling Weekly Report, temporarily reported at US$74.14/barrel, which was earlier in the day since November 2014 and hit an intraday high of US$74.42. / Near the barrel.

The American oil service Baker Hughes weekly report showed that the US oil drilling rig fell by 4 to 858 in the week of June 29, and is expected to remain unchanged at 862. From the United States to June 29, the number of natural gas wells fell by 1 to 187; the total number of wells fell by 5 to 1047.

US Energy Information Administration (EIA): The US’s total crude oil demand in April increased by 385,000 barrels/day, or 2.0%, to 194.1 million barrels/day, and rose by 2.6% in March. Gasoline demand in April fell by 61,000 barrels/day, or 0.7%, to 9.187 million barrels/day, and increased by 0.4% in March. Crude oil exports rose to 1.656 million barrels per day in April and exported 1.671 million barrels per day in March.

Intercontinental Exchange (ICE) Position Weekly Report: By the week of June 26, the net long position of Brent crude oil held by speculators was reduced by 5,231 contracts to 453,218 contracts, and was recorded by 632,454 contracts in the week of April 10. The net long historical high since data records were recorded in January 2011.

Libya's National Oil Company: Due to problems at the ports of Hariga and Zuetina, starting from July 1, 350,000 barrels per day of crude oil supply will be affected.

Analyst Gary Christenson said that the rising trend of crude oil prices since January 2016's lows will continue for several years and will be accompanied by corrections.

In the long run, the rise in crude oil prices is due to the fact that the economic system—government deficit spending, partially prepared banks, and central banks—devaluate the legal currency and cause commodity prices to rise, as do stock and gold prices.

                (Editor: DF372)

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