Oil Prices Fell Sharply In New York, Breaking Below $34 A Barrel.

People worry

Oil demand has shrunk, and oil prices in New York have fallen sharply on the 12 day, delivered in March.

The price closed below $34 a barrel.

This is the fourth consecutive month of decline in US business inventories and the biggest decline since October 2001.

As companies continue to reduce inventories will lead to reduced production and employment, the market is worried that the US economy will fall into deep recession.

According to a report from the US government department, the number of people who applied for unemployment benefits for the first time last week reached 623 thousand. Although the figure has declined slightly compared with the previous week, it is still higher than the market expected.

Because the correlation between unemployment rate and energy consumption is more direct, market investors for the United States

The future is deeply concerned.

The inventory report released by the US Department of energy has also made it difficult for the market to look ahead to the outlook for supply and demand in the US energy market.

According to the energy department's report, US commercial crude oil inventories have reached 350 million barrels, the highest in the past 82 weeks.

Affected by these factors, New York's oil price fell for fifth consecutive days.

By the end of the day, the New York Mercantile Exchange's light crude oil futures in March fell $1.96 to close at $33.98 a barrel, or 5.45%, and the closing price also hit a record low since December 19th last year.

In the five trading days after February 5th, the total number of contracts in March has fallen by more than 17%.

Beihai International Petroleum Exchange's March delivery of Brent crude oil futures rose 37 cents to $44.65 a barrel.