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International Oil Prices Rose on the 7th, Closing at US$99.09 per Barrel
International Energy Network News: International oil prices rose on the 7th, with London oil prices rising by more than 2% as the weakening US dollar offset the impact of the Organization of the Petroleum Exporting Countries (OPEC)'s expected increase in production.On the same day, the euro zone released a series of positive economic data, boosting investors' confidence in the euro zone's economic recovery, and the euro gained momentum as a result. The U.S. dollar fell to its lowest level against the euro in a month. The U.S. dollar index, which tracks changes in the U.S. dollar's exchange rate against a basket of currencies, fell by about 0.5%. The weak U.S. dollar increased the attractiveness of crude oil, pushing oil prices to repair their previous losses and turn higher.
In recent trading days, as the OPEC meeting in Vienna approaches, market expectations for OPEC to increase production have depressed oil prices. Investors expect that despite opposition from countries such as Iran and Venezuela, OPEC may reach an agreement to increase production by up to 1.5 million barrels per day. According to officials familiar with Saudi Arabia's oil policy, OPEC's largest oil producer Saudi Arabia may increase production by 500,000 barrels per day in June, reaching the highest level in three years, in order to stabilize oil prices.
However, instability in Yemen and Syria has triggered market concerns about crude oil supply, and instability in the Middle East has partially offset the impact of OPEC's increase in production on oil prices.
By the end of the day, the price of light crude oil futures for July delivery on the New York Mercantile Exchange edged up 8 cents to close at $99.09 a barrel. The price of North Sea Brent crude oil futures for July delivery in the London market rose by US$2.30 to close at US$116.78 per barrel, an increase of 2.01%.
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