International oil prices continue to consolidate, wait and see mood is still strong

When the international oil price continued to consolidate in the week, the long-short power alternately dominated the market, and the wait-and-see mood remained strong.

On the 25th, local time, Saudi Arabia’s Minister of Energy, Industry and Minerals Falih said that Saudi Arabia’s two giant tankers were attacked by the Hossein Yemen in the Red Sea waters on the same day. Therefore, Saudi Arabia decided to suspend oil transportation in this water area immediately. Until the recovery is safe. According to the US Energy Agency, about 4.8 million barrels of crude oil and refined oil are shipped daily through Manda Channel to Europe, the United States, and Asia.

In addition, the security of crude oil supply is also challenged by the latest statements from the Iranian side. Iranian President Rohani said on the 25th that Iran will firmly resist the US threat by virtue of domestic solidarity. He even hinted that if Iran’s crude oil exports were blocked, then Iran could block the Strait of Hormuz.

According to Reuters, Russian Energy Minister Novak said that Russia has not used tank inventory to help increase oil production, and there is not enough inventory to affect the oil market. When talking about global oil prices, Nowak said that the market is still turbulent and responds to verbal interventions.

However, the US oilfield technology service company Baker Hughes released a report on the 27th that the number of oilfield drilling operations operated by the US this week increased by three to 861. This is the first increase in the data in the past three weeks, indicating that US shale oil manufacturers have increased production. This news has alleviated some of the concerns of the market.

As of the close of the trading day (27th), the light crude oil futures for September delivery on the New York Mercantile Exchange fell 0.92 US dollars to close at 68.69 US dollars per barrel, a decrease of 1.32%. London Brent crude oil futures for September delivery fell $0.25 to close at $74.29 a barrel, a drop of 0.34%.