integrated power sources reported Thursday the international oil price fell 4.53 U.S. dollars, 60.77 U.S. dollars a barrel to hit a new low in 19 months. Europe and as a result of the Bank of England to cut interest rates sharply, as well as U.S. stocks plunged again in a row was reflected weakness in the global economy.
New York Mercantile Exchange light sweet December crude oil futures settled down 4.53 U.S. dollars to 60.77 U.S. dollars a barrel, or 6.9 percent, the highest since March 2007 the lowest settlement price level. ICE Futures Exchange, December Brent crude futures declined by 4.44 U.S. dollars to 57.43 U.S. dollars a barrel, or 7.2 percent.
It is reported that oil prices since July about 145 U.S. dollars a record high after nearly four months of decline in 60 U.S. dollars a barrel would be a "turning point." This round of the decline stems from the weakness of the U.S. economy and U.S. oil demand to shrink, and many market participants believe that the global financial crisis continue to spread the impact of the decline in oil prices has been close to the situation got out of hand.
Britain and the European Central Bank to cut interest rates Thursday showed that Europe's economic situation has deteriorated, which caused oil prices to pressure; at the same time to cut interest rates also push the euro fell sharply against the dollar, leading to dollar-denominated oil sales experience.
At present, the oil market is looking to move production of OPEC crude oil futures to bring support. OPEC agreed in October to reduce crude oil production 1,500,000 barrels per day, and will also meet again in December. Oil prices continued to fall, which some market participants believe that OPEC's production rate in October is too small, not enough to offset weak demand for petroleum oil prices dragged down.
December RBOB gasoline futures settled down 8.84 cents to 1.3360 U.S. dollars per gallon, or 6.2 percent. December heating oil futures fell 11.23 cents to 1.9424 U.S. dollars per gallon, or 5.5 percent.
New York Mercantile Exchange light sweet December crude oil futures settled down 4.53 U.S. dollars to 60.77 U.S. dollars a barrel, or 6.9 percent, the highest since March 2007 the lowest settlement price level. ICE Futures Exchange, December Brent crude futures declined by 4.44 U.S. dollars to 57.43 U.S. dollars a barrel, or 7.2 percent.
It is reported that oil prices since July about 145 U.S. dollars a record high after nearly four months of decline in 60 U.S. dollars a barrel would be a "turning point." This round of the decline stems from the weakness of the U.S. economy and U.S. oil demand to shrink, and many market participants believe that the global financial crisis continue to spread the impact of the decline in oil prices has been close to the situation got out of hand.
Britain and the European Central Bank to cut interest rates Thursday showed that Europe's economic situation has deteriorated, which caused oil prices to pressure; at the same time to cut interest rates also push the euro fell sharply against the dollar, leading to dollar-denominated oil sales experience.
At present, the oil market is looking to move production of OPEC crude oil futures to bring support. OPEC agreed in October to reduce crude oil production 1,500,000 barrels per day, and will also meet again in December. Oil prices continued to fall, which some market participants believe that OPEC's production rate in October is too small, not enough to offset weak demand for petroleum oil prices dragged down.
December RBOB gasoline futures settled down 8.84 cents to 1.3360 U.S. dollars per gallon, or 6.2 percent. December heating oil futures fell 11.23 cents to 1.9424 U.S. dollars per gallon, or 5.5 percent.
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