Xinhua News Agency, New York, December 16th As the market sentiment remains depressed, international oil prices continued to fall on the 16th.
On the same day, after a sustained decline in the previous trading days, despite the fact that some funds were copied to the bottom, the European debt crisis still weighed heavily on the market. The international rating agency Fitch Ratings confirmed France’s 3A rating but turned its outlook negative. Investors worry that the European debt crisis will not be solved in the short term, the world economic outlook will be dragged down, sentiment will be low, and the market transaction volume will remain low.
However, factors such as the weakening of the US dollar and South Korea's new sanctions against Iran have limited the decline in oil prices. On the same day, the Italian government, the third largest economy in the euro zone, won a crucial vote in the parliament, and a total of 33 billion euros of austerity plan was finally passed in the parliament to remove obstacles. The euro thus rose, while the US dollar index fell about 0.1%, supporting the price of crude oil denominated in dollars.
In addition, on the same day, South Korea responded to the U.S. appeal by announcing new sanctions against Iran, prohibiting South Korea’s investment in Iran’s energy industry, and blacklisting some Iranian companies and individuals. These sanctions have increased the oil market’s concerns about Iran’s oil supply. Geopolitical factors have continued to provide the impetus for oil prices, effectively stopping the downward trend in oil prices.
At the close of the day, the price of light crude oil for delivery in January on the New York Mercantile Exchange fell 34 cents to settle at US$93.53 per barrel, a decrease of 0.36%. For the whole week, New York's oil price dropped by 5.88 US dollars, a decrease of 5.91%, which is the biggest single-week decline since September 23.
The price of Brent crude oil in London's North Sea, which was delivered in February, fell slightly by 25 cents to settle at US$103.35 per barrel, a decrease of 0.24%, and fell by US$5.27, or 4.85%, for the entire week.
On the same day, after a sustained decline in the previous trading days, despite the fact that some funds were copied to the bottom, the European debt crisis still weighed heavily on the market. The international rating agency Fitch Ratings confirmed France’s 3A rating but turned its outlook negative. Investors worry that the European debt crisis will not be solved in the short term, the world economic outlook will be dragged down, sentiment will be low, and the market transaction volume will remain low.
However, factors such as the weakening of the US dollar and South Korea's new sanctions against Iran have limited the decline in oil prices. On the same day, the Italian government, the third largest economy in the euro zone, won a crucial vote in the parliament, and a total of 33 billion euros of austerity plan was finally passed in the parliament to remove obstacles. The euro thus rose, while the US dollar index fell about 0.1%, supporting the price of crude oil denominated in dollars.
In addition, on the same day, South Korea responded to the U.S. appeal by announcing new sanctions against Iran, prohibiting South Korea’s investment in Iran’s energy industry, and blacklisting some Iranian companies and individuals. These sanctions have increased the oil market’s concerns about Iran’s oil supply. Geopolitical factors have continued to provide the impetus for oil prices, effectively stopping the downward trend in oil prices.
At the close of the day, the price of light crude oil for delivery in January on the New York Mercantile Exchange fell 34 cents to settle at US$93.53 per barrel, a decrease of 0.36%. For the whole week, New York's oil price dropped by 5.88 US dollars, a decrease of 5.91%, which is the biggest single-week decline since September 23.
The price of Brent crude oil in London's North Sea, which was delivered in February, fell slightly by 25 cents to settle at US$103.35 per barrel, a decrease of 0.24%, and fell by US$5.27, or 4.85%, for the entire week.
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