Texas crude oil prices
The situation of the Indian rupee thTexas crude oil pricesis year has not been optimistic. Due to the increase in India’s trade deficit, the rupee plunged by more than 9% this year, making it the worst currency in Asia. 80% of India’s crude oil needs to be imported, and rising oil prices continue to drag down the depreciated rupee, widen the deficit, and aggravate the depreciation of the rupee.
At the same time, July Brent crude oil futures prices closed up 2 cents to close at 76 US dollars per barrel, an increase of 0.%. Previously, the contract closed at 7 US dollars per barrel on Tuesday, which also set about two cents. The lowest closing price this week.
Han Cong, a refined oil analyst at Jinlianchuang, also said that overall, due to the recent continuous rise in international oil prices, an increase in retail prices next week will be a high probability event, and positive factors will boost the market. However, the current gasoline and diesel prices are at a high level, and most of the mid- and downstream users in the early stage have already stocked up in advance, so the market is in the short-term stage of depletion. In addition, after entering the second half of the year, affected by the National Day holiday, the market may have a wave of centralized stocking operations, and the accelerated circulation of resources will give the market some support. On the whole, good news will prevail. It is expected that the domestic refined oil market may continue to rise in September, and the main sales policy will remain flexible.
According to reports, the King Abdullah Petroleum Research Center, the top Saudi think tank funded by the Saudi government, is studying the impact on the oil market after OPEC is split. You know, Saudi Arabia has been the leader of OPEC for the past 60 years, and its crude oil production ranks first among the major oil-producing countries. The withdrawal of Saudi Arabia is equivalent to the disintegration of the entire OPEC organization. Once disintegrated, the entire crude oil market will become very chaotic.
More data shows that the total number of active oil and gas wells in the United States increased to 02 in the week ending May 4. In addition, Baker Hughes stated in the report that the number of active natural gas wells in the United States increased to 96 during the week.
As the situation in the US market and the rest of the world diverged, the price gap between WTI and Brent crude oil is still widening. OPEC continues to implement production cuts to help OECD countries’ crude oil inventories return to the five-year average. Declining production in Venezuela and Angola has tightened market supply faster than most analysts expected. In addition, Iran's potential decline in production due to US sanctions has also caused supply concerns. All these make Brent oil prices have a premium relatiTexas crude oil pricesve to WTI.
Saudi Arabia's oil production has been increasing month by month since May. In August, oil production increased by 80,000 barrels per day to 0.4 million barrels per day. Russia has also hinted that due to the US sanctions on Iranian oil, Russia can increase production to make up for the shortage of oil supply.