Volatility In International Oil Prices Has Contributed to The Rebound Of The Epidemic In Many Countries And the End of The Oil Peak
International oil prices have fluctuated recently. Analysts believe that the rebound of the epidemic in many countries, the end of the peak summer oil season and geopolitical factors are the main reasons for the sharp fluctuations in international oil prices. Although Hurricane Delta has reduced U.S. offshore oil production in the Gulf of Mexico, it will only support international oil prices in the short term.
International oil prices fell Tuesday. Light crude for November delivery fell 59 cents, or 1.43%, to $40.60 a barrel on the New York Mercantile Exchange by the end of the day. Brent crude for December delivery in London fell 49 cents, or 1.13%, to settle at $42.85 a barrel.
Bjornal Tunhaigen, senior vice President and head of oil markets at Restal Energy, said he expects a correction soon after the hurricanes and other factors disappear. Oil prices remain above $40 a barrel on shaky ground.
In the future, investors will focus on the development of the epidemic, the recovery of Libyan crude oil, whether major producers will adjust their output reduction plans, and the progress of negotiations on a new round of fiscal stimulus measures in the United States and other factors affecting international oil prices.
December gold futures, the most actively traded contract on the Comex gold futures market, rose $31.1, or 1.64%, to close at $1,926.2 an ounce Tuesday. Market participants believe that the dollar index fell was the main reason for gold's rise on the day. Howie Lee, an economist at OCBC bank, said gold's rise was driven by the falling dollar and rising inflation expectations following renewed hopes of a new stimulus package. Anz believes that a large amount of money supply, low interest rates and macro environment uncertainty will support gold investment.
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