International Oil Prices Plunge On The 19 Day

Europe debt The crisis and the rise of the US dollar were weighed down, and international oil prices plunged 19 days. Oil prices in New York and London fell by more than 2.5%.

As the European finance ministers meeting last weekend failed to reach an effective agreement on resolving the debt crisis, investors feared that the worst Greece could default on its debt, and the global stock market fell, causing the oil market to go down. Greece held an emergency telephone conference with the European Union, the International Monetary Fund and the European Central Bank on the same day, hoping to get further financial assistance. But after the conference call, there was no specific action plan to solve the Greek debt problem.

The International Monetary Fund requires Greece to further reduce public expenditure and increase taxes to improve its financial position as a condition for more financial assistance. The Greek Ministry of Economic Affairs said the talks were close to reaching agreement, and the 20 day conference will be held on the same content.

Euro therefore Fall The 7 month low against the US dollar. The US dollar rose, tracking the US dollar index of the US dollar exchange rate for the basket of currencies rose by about 0.6%, and the strong dollar depressed oil prices.

In terms of oil supply, Abdullah Salim Badri, Secretary General of OPEC, said that Libya is expected to fully resume crude oil production in the next 15 months. Once it is resumed, other OPEC members will cut crude output to balance OPEC's oil supply.

By the end of the day, the New York Mercantile Exchange's October light crude oil futures price dropped $2.26 to close at $85.70 a barrel, or 2.60%, the lowest intraday price of 84.79 dollars per barrel. Beihai crude oil futures for November delivery, Brent crude oil futures, fell $3.08 to close at $109.14 a barrel, or 2.74%. (Xinhua)

Dollar exchange rate strengthening period Fall 1.2%

New York gold futures closed down to its lowest level in more than three weeks on Monday, because the US stock market and commodity futures market both fell and the US dollar exchange rate strengthened, leading to a pressure on demand in the gold market.

On the same day, the gold futures price of the New York Mercantile Exchange (NYMEX) commodity exchange (COMEX) fell $35.80 in December, closing at $1778.90 an ounce, or 1.2%, setting the lowest closing price for the main futures contract since August 25th.

George Gero, vice president of global futures at RBC Capital Markets, said Monday that the selling craze swept through most markets. After the gold bullion was stopped, there were few purchases under the market, because investors wanted to raise more cash.

As of September 16th, the world's largest gold trading listing Fund (ETF) SPDR Gold Trust increased 10.60 tons to 1251.91 tons.