International oil prices once rose to a four-year high
International oil prices rose first and then fell, hitting the high point in the last four years in mid-week. After Saudi Arabia and Russia indicated that they had increased production and underpricing, oil prices have fallen.
As of the close of the last trading day, the light crude oil futures for November delivery on the New York Mercantile Exchange rose slightly by US$0.01 to close at US$74.34 per barrel, an increase of 0.01%. London Brent crude futures for December delivery fell $0.44 to close at $84.14 a barrel, down 0.52%. The price of the US light crude oil main futures contract rose 1.3% in the week, and the price of the North Sea Brent crude oil futures contract rose by about 1.4%.
According to foreign reports, Russia and Saudi Arabia reached an agreement in September to increase oil production, followed by consultations with oil-producing countries including other OPEC members. Saudi Energy Minister Falih said on the 4th that OPEC can increase the daily production of oil to 1.3 million barrels, but there is no signal that they will do so.
The International Energy Agency (IEA) Director Biro said that rising oil prices to more than $85 a barrel and concerns about global trade are putting heavy pressure on emerging economies.
US sanctions against Iran, OPEC’s third-largest oil producer, will take effect on November 4. The United States hopes that governments and companies will stop buying Iranian crude oil to put pressure on Iran’s nuclear deal. Many analysts expect Iranian crude oil exports to fall by about 1 million barrels per day.
In addition, international gold prices strengthened during the week. The most active December gold futures price on the New York Mercantile Exchange's gold futures market closed at $1205.6 per ounce, or 0.33%, back to $1,200 per ounce. International gold prices have fallen for six months. The World Gold Council and other institutions believe that the price of gold may still rebound in the later period, in addition to the demand of consumers and long-term investors will bring support to the market, the risk of financial markets will also become a "catalyst" to stimulate the demand for safe-haven gold.
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