As the supply and demand situation remained unchanged, international oil prices continued to rise that week, continuing the trend of the first quarter’s sharp rise.
On the demand side, U.S. employment data eased concerns about weak global demand for crude oil.
London Brent crude oil futures for June delivery rose for the second consecutive week, while light crude oil futures for May delivery on the New York Mercantile Exchange rose for the fifth consecutive week.
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The media revealed that the United States is considering more sanctions against Iran, which have cut Iran’s crude oil exports to the bottom. In addition, an important Venezuelan crude oil port was again suspended due to U.S. sanctions.
Nobel Rucker, head of economics at Ulius Bell Bank, said supply prospects remained the primary consideration in the oil market. Saudi Arabia’s sustained production restrictions set a bullish tone, supporting crude oil prices, so that Brent crude oil futures prices are expected to reach $70 a barrel.
In addition, the U.S. Department of Labor reported that employment growth rebounded rapidly from a 17-month low in March.
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“Market analysts say these figures will be enough to keep prices above $60 for at least a few weeks.
In the first quarter of the past decade, the international oil price has renewed its biggest single-quarter rise in nearly 10 years. The data show that among the benchmark oil prices in New York and London, oil prices in New York rose for three consecutive months, leading to a cumulative increase of more than 31% in the first quarter, refreshing the biggest single-quarter increase since the second quarter of 2009, while Brent oil prices in the North Sea rose 25% in the same period, also the biggest single-quarter increase in nearly 10 years.
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