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The Euro Economic Situation is Worrying and International Oil Prices Fluctuate
While concerns about Iranian crude oil supply continue to provide support for overall growth in the crude oil market, the economic situation in the euro zone has put pressure on crude oil prices, which rebounded again before the opening of the U.S. market.Germany successfully auctioned 3.9 billion euros of six-month short-term government bonds on Monday. The average bid rate fell further to -0.0122% from 0.001% for the same period last time, indicating that market risk aversion is still high, but the oversubscription rate has declined. , dropped to 1.8 from 3.8 last time.
In addition, data released by the German Economy Ministry on Monday showed that Germany's industrial output fell slightly more than expected on a monthly basis after seasonally adjustment in November, suggesting that the ongoing European debt crisis is having an increasingly serious impact on the German economy.
Data show that Germany's industrial output fell by 0.6% on a monthly basis after seasonally adjustment in November, and was expected to fall by 0.5%. The previous value was not revised and still increased by 0.8%. Germany's Economy Minister said industrial production is expected to remain sluggish during the winter months.
German Chancellor Merkel and French President Nicolas Sarkozy will hold a meeting to discuss how to promote economic growth in the euro zone and curb the European debt crisis, attracting the attention of market investors.
The war of words between Western countries and Iran still supports crude oil prices. Dempsey, chairman of the U.S. Joint Chiefs of Staff, said that Iran can block the Strait of Hormuz, but we will take action to reopen the Strait of Hormuz. The US Secretary of Defense said that if Iran blocks the Strait of Hormuz, it will cross a red line. The Iranian side stated that Iran has the ability to block the strait.
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