New York's oil prices oscillated higher on the 25th, but they continued to fall for the second consecutive week.
On the same day, due to the Thanksgiving holiday, the trading volume of the crude oil market was very low. The trading volume in the New York market was 67% lower than the 30-day average. The trading volume in the London market was 54% lower than the 30-day average and the market volatility increased accordingly.
Although New York's oil prices and London's oil prices have come out of different markets, they have felt the tremendous pressure of the European debt crisis. The sovereign credit ratings of Portugal, Hungary and Belgium were downgraded, the Italian government bond yield exceeded 7%, the auction of German government bonds was cold, the debt crisis in Europe showed a deteriorating trend, and it began to spread to core European countries. The market panic was intensified. At the same time, European leaders still differ in their opinions on how to solve the debt problem. The German Chancellor once again expressed his opposition to the issuance of Eurozone bonds, which is contrary to France’s claim on the role of the European Central Bank. The prospects for the solution to the European debt problem are confusing and aggravate market concerns. .
The euro also fell sharply against the US dollar and once fell to its lowest in seven weeks. This caused a lot of upward pressure on the dollar and pushed the price of oil lower.
On that day, the only support for oil prices was geopolitical factors. The Iranian nuclear issue may lead to more countries adopting economic sanctions against Iran. The turmoil in Egypt, Syria and even Libya continues to increase the uncertainty of oil production in the Middle East.
At the close of the day, light crude oil for delivery in January on the New York Mercantile Exchange slightly increased 60 cents to settle at 96.77 US dollars per barrel, an increase of 0.62%. However, for the whole week, New York's oil prices fell 64 cents, or 0.66%, the second consecutive week of decline.
January Brent crude oil futures in London fell 1.38 US dollars to close at 106.40 US dollars a barrel, a decrease of 1.28%, approaching the 300-day moving average. For the whole week, London's Brent oil price fell 1.16 US dollars, a decrease of 1.08%, also fell for the second consecutive week.
On the same day, due to the Thanksgiving holiday, the trading volume of the crude oil market was very low. The trading volume in the New York market was 67% lower than the 30-day average. The trading volume in the London market was 54% lower than the 30-day average and the market volatility increased accordingly.
Although New York's oil prices and London's oil prices have come out of different markets, they have felt the tremendous pressure of the European debt crisis. The sovereign credit ratings of Portugal, Hungary and Belgium were downgraded, the Italian government bond yield exceeded 7%, the auction of German government bonds was cold, the debt crisis in Europe showed a deteriorating trend, and it began to spread to core European countries. The market panic was intensified. At the same time, European leaders still differ in their opinions on how to solve the debt problem. The German Chancellor once again expressed his opposition to the issuance of Eurozone bonds, which is contrary to France’s claim on the role of the European Central Bank. The prospects for the solution to the European debt problem are confusing and aggravate market concerns. .
The euro also fell sharply against the US dollar and once fell to its lowest in seven weeks. This caused a lot of upward pressure on the dollar and pushed the price of oil lower.
On that day, the only support for oil prices was geopolitical factors. The Iranian nuclear issue may lead to more countries adopting economic sanctions against Iran. The turmoil in Egypt, Syria and even Libya continues to increase the uncertainty of oil production in the Middle East.
At the close of the day, light crude oil for delivery in January on the New York Mercantile Exchange slightly increased 60 cents to settle at 96.77 US dollars per barrel, an increase of 0.62%. However, for the whole week, New York's oil prices fell 64 cents, or 0.66%, the second consecutive week of decline.
January Brent crude oil futures in London fell 1.38 US dollars to close at 106.40 US dollars a barrel, a decrease of 1.28%, approaching the 300-day moving average. For the whole week, London's Brent oil price fell 1.16 US dollars, a decrease of 1.08%, also fell for the second consecutive week.
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