Long - Short Interweave Oil Prices Small Fluctuations

The organization of petroleum Exporting Countries and non-OPEC producers have significantly increased their crude oil production since August, and oil prices have been trading in a tight range as the slow global economic recovery has helped the market absorb the increase with some ease.

International oil prices fell slightly at the close of 14 th. Light crude for September delivery fell 23 cents, or 0.54%, to settle at $42.01 a barrel on the New York Mercantile Exchange. Brent crude for October delivery in London fell 16 cents, or 0.36%, to settle at $44.80 a barrel.

Analysts believe that the future trend of oil prices mainly depends on the trend of the global epidemic and the orderly recovery of national economies. Meanwhile, how oil producers and oil companies adjust output is also an important factor affecting oil prices.

On the supply side, the Us Energy Information Administration has cut its forecast for US crude oil production this year by 370,000 b/d to 11.3m b/d.

This was largely due to the sharp fall in the price of oil, which led to massive production cuts by US shale oil companies.

Us oil production averaged 10.7m b/d in the week to August 7, down 300,000 b/d from the previous week, according to the EIA. Meanwhile, U.S. commercial crude oil inventories fell significantly for the third week in a row, and U.S. oil companies began to withdraw previously held crude oil from the National Strategic Crude Oil Reserve Base.

On the demand side, the situation of the epidemic is still not optimistic, and the deadlock in the negotiations on a new round of fiscal stimulus measures in the United States has also brought uncertainty to the outlook for crude oil demand.

The market is dominated by bad news. The International Energy Agency has cut its forecast for global oil demand this year to 91.9m barrels a day, the first such cut in recent months.

On the international gold market, the price of gold fell after setting a new high.

Gold for December delivery fell $20.6, or 1.05 percent, to settle at $1,949.8 an ounce on the New York Mercantile Exchange, the most actively traded contract.