Since the opening of trading, international oil has always been the focus of attention of the global economy, not only affecting the economic development of the first oil-producing countries, but also indirectly affecting the production and life of consumer countries. This article will analyze the internal reasons for the trend of international oil prices, and deepen the impact of these influencing factors on the market.
As of December 29**, the New York Mercantile Exchange for February 2024 delivery***2$34, a decrease of 316% closed at 71 per barrel$77. Similarly, London Brent*** for February 2024 delivery is also **1$26, down 158% closed at 78 per barrel$39. To a certain extent, these two sets of data reflect a downward trend in the current international oil prices.
Observing the decline in oil prices, it can be seen that the change in market volume is an important influencing factor. On December 22, data released by the U.S. Energy Information Administration (EIA) showed that U.S. Strategic Petroleum Reserve inventories increased by 022%, an increase of 7930,000 barrels to 353.3 billion barrels. An increase in inventories means an increase in supply, which will put pressure on the market and lead to a decline in oil prices.
In addition, changes in oil production and changes in transportation conditions will also have an impact on oil prices. According to the news, oil loading work in the Russian Black Sea port of Novorossiysk resumed on December 27, after being suspended due to stormy weather. This means that Russia is about to increase its oil consumption, which is also a pressure on international oil prices.
In addition, in addition to direct factors such as supply and demand, production and transportation, the global economic situation, exchange rate fluctuations, geopolitical risks, etc. will also indirectly affect oil prices. For example, changes in the exchange rate of the US dollar can affect the import cost of commodities such as oil, which in turn has an impact on oil prices. At the same time, geopolitical risks, such as wars and conflicts, may hinder the production and transportation of oil in oil-producing countries, thereby affecting the market and further causing volatility.
To sum up, the future trend of international oil prices will be affected by many factors, including the best situation, global economic situation, exchange rate changes, geopolitical risks, etc. When paying attention to the trend of oil prices, investors should consider these factors comprehensively, especially to be vigilant against some potential risk factors, so as to provide more comprehensive information support for investment decisions.
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