New York Oil Prices Fell Sharply On The 29 Day

2011/7/30 9:54:00 22

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Thanks to the second quarter of the US

Economics

Weak data and deadlock in debt negotiations, New York oil prices fell sharply on the 29 day.

According to the data released by the US Commerce Department, GDP in the second quarter of this year increased by 1.3%, down from 1.7% expected before the market.

The commerce department also sharply revised the economic growth rate in the first quarter of this year, down from 1.9% of the original forecast to 0.4%, the lowest quarterly growth rate after the current recession.

The market is concerned that the weakening of the US economy in the world's largest oil demand countries will lead to a reduction in demand for crude oil and hence a pressure on oil prices.

The US talks on raising the debt ceiling were deadlocked again. The house of representatives vote scheduled for 28 evening was postponed again.

Crude oil investors are extremely disappointed with the current situation. Worries about US debt default have intensified, and market risk aversion has increased, resulting in low volume and low oil prices.

In addition, the Gulf of Mexico.

tropic

The early warning of the storm was basically lifted. The energy companies that had stopped production started to restart production, and the increase in supply also pushed oil prices down.

By the end of the day, the New York Mercantile Exchange's September light crude oil futures price fell $1.74 to close at $95.70 a barrel, or 1.79%.

In the whole week, the trend of rising 4 weeks after the end of the oil price in New York dropped by 4.17 US dollars, or 4.18%.

London market September

delivery

Brent crude oil futures in Beihai fell 62 cents to $116.74 a barrel, or 0.53%, while the week fell 1.93 dollars, or 1.63% weekly.