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International Oil Prices Continued to Rise Sharply, Approaching US$110
Driven by factors such as the Iranian nuclear report and rising consumer confidence in the United States, international oil prices continued to rise sharply on the 24th, with oil prices in the New York market approaching US$110 per barrel.On the same day, the United Nations' International Atomic Energy Agency submitted a report saying that Iran's uranium enrichment activities have expanded. At the same time, the agency's investigation mission into Iran's nuclear program failed this week. Investors in the crude oil market are worried that this report will intensify the confrontation between Iran and Western countries and trigger more sanctions against Iran, resulting in a further reduction in Iran's oil exports. Currently, the United States and Europe have significantly reduced oil imports from Iran, and Japan has also reduced its imports of Iranian oil by about 20% under pressure from the United States.
On the same day, the consumer confidence index released by Reuters/University of Michigan rose to 75.3 in February, higher than analysts' previous expectations. Market expectations for an improving U.S. economic outlook also provided impetus for rising oil prices.
In addition, the weakening of the US dollar, the pricing currency, also pushed up oil prices. As the G20 summit will be held in Mexico City, the European debt crisis will become the main agenda of the meeting, and the euro will be boosted and rise. The U.S. dollar index, which tracks changes in the U.S. dollar's exchange rate against a basket of currencies, fell about 0.6%.
By the end of the day, the price of light crude oil futures for April delivery on the New York Mercantile Exchange rose by $1.94 to close at $109.77 per barrel, an increase of 1.80%. Throughout the week, New York oil prices rose by $6.53, an increase of 6.33%.
The price of London North Sea Brent crude oil futures for April delivery rose by US$1.85 to close at US$125.47 per barrel, an increase of 1.50%. It rose by US$5.89 for the whole week, an increase of 4.93%.
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