Oil Prices In New York Fell To Its Lowest Level In 7 Weeks.

When international oil prices continued to fall, the 25 day crude oil futures price in New York dropped to $123 a barrel and fell to its lowest level in 7 weeks.

Affected by the strength of the US dollar and the drop in oil prices, the price of metal futures in the international market also showed a downward trend.

Analysts believe that the recent driving factors for lower oil prices include: the world's largest energy consumer -- the increase in gasoline and refined oil business inventories in the United States, exceeding the market expectations and economic weakness leading to a decline in domestic fuel demand. The market estimates that the crude oil output of OPEC in July increased by 200 thousand barrels a month from last month. Hurricane dolly did not affect the production of crude oil in Mexico Bay, and the dollar strengthened against the euro exchange rate.

Compared with the record high of $147.27 a barrel on 11 this month, crude oil futures in New York have fallen by more than US $24 to 16%.

Ken Chireen, the industry insider, believes that international oil prices may still run between $123 and $129 in the short term.

With the rebound of the US dollar and the sharp fall in oil prices, international gold prices have dropped.

Barclay Capital Inc analysts pointed out that gold prices will continue to be mainly affected by the US dollar and oil prices in the short term, but the current geopolitical and economic environment has made gold a safe haven for investors.

In addition to lead and zinc prices, other basic metal futures prices in London have been falling.

John Reid, an analyst at UBS, points out that the weak economic data in the US and the eurozone have left the market worried that the global demand for metals will decrease significantly, which will push the price of basic metals together with the rebound of the US dollar.

Grain futures prices in Chicago have fallen for third weeks in a row.

Since July, the price of international corn futures has fallen rapidly from the end of 6 to the lowest level since the end of March due to the increase of planting area, suitable weather conditions and crude oil prices. The price of international corn futures fell 25% in three weeks.

The soybean soybean futures price dropped by 18% in South America.

Analysts pointed out that the dollar trend and capital speculation has become an important factor affecting the ups and downs of international grain prices. The current round of grain price callbacks is a normal manifestation of the commodity market.