WTI Crude Oil Fund

WTI Crude Oil Fund

As of press time, today's crude oil prices fell slightly by US$0.26, or 0.9%, to US$66/barrel.WTI Crude Oil Fund The focus is on the support of US$67. If this point is forced, it indicates that crude oil prices will face a round of plunge.

The monthly report of the International Energy Agency in September showed that the average daily output of global crude oil in August exceeded the 100 million barrels mark for the first time in history, showing that global crude oil production continued to rise at the current price level. The U.S. Energy Information Administration predicts that in 208 global crude oil inventories will decrease by an average of 400,000 barrels per day, while global crude oil inventories will increase by an average of 0 million barrels per day in 209.

There were reports last month that Norway’s newly proven oil and gas volume has increased significantly this year. At this juncture, the strike by Norwegian oil workers is undoubtedly a bolt from the blue. Hartwait Gro, exploration director of Aker Oil Company, one of the most active prospectors offshore Norway

In fact, although crude oil prices have maintained a rising trend recently, they are in a state of volatility, especially after breaking through 70 US dollars. The market trend is very cautious. Unless there is a very obvious positive entry, the market trend is basically There will not be much fluctuations on the market.

The oil distribution fluctuates between 42-49 US dollars, and the price center is 90 US dollars. This $90 is the intrinsic value of crude oil. Use value determines its rigid demand, and production cost determines its capacity increase or decrease. $90 is the result of the market game. When the price is much higher than US$90, the use of alternative energy and materials will curb the demand for crude oil. At the same time, high oil prices stimulate crude oil production and increase supply, leading to price reversals.

Zarif also pointed out on Twitter on August 9 that the U.S. State Department had established a new Iranian action group to coordinate Trump’s pressure campaign against Iran with the aim of overthrowing Iran, but this action by the United States will suWTI Crude Oil Fundffer. failure.