Focus on U.S. Investment Immigration and U.S. Economy: The market expects that due to the abundant crude oil supply, U.S. crude oil inventories will continue to rise, with international oil prices closing lower on the 12th, where New York oil prices fell to a five-month low.
Due to the commercial extraction of shale oil, the abundant U.S. crude oil supply continues to put pressure on oil prices. The U.S. Energy Information Administration will release the crude oil inventory data for the week ending on the 8th this week. The market expects that U.S. commercial crude oil inventories will increase by 1.8 million barrels, marking the eighth consecutive week of growth.
The International Energy Agency stated in its global energy outlook report released on the 12th that technological advancements and high oil prices have prompted the market to develop new oil resources. In the future, increased crude oil production in North America and Brazil will reduce OPEC's significance in the crude oil supply sector. High oil prices are leading consumers to adopt more energy-efficient technologies and alternative energy sources, resulting in a slowdown in global crude oil demand growth, with an expected average annual increase of 1 million barrels per day in global crude oil demand by 2020.
The six countries involved in the Iran nuclear issue, namely the United States, the United Kingdom, France, Russia, China, and Germany, concluded a new round of talks with Iran in Geneva, Switzerland, on the 10th, but the discussions did not yield substantial progress. However, the market remains hopeful for the next round of talks scheduled to begin on the 20th in Geneva. The market anticipates that if negotiations can achieve substantial progress, reducing sanctions on Iran will allow more crude oil to enter the market.
As of the close of trading on that day, the price of light crude oil futures for December delivery on the New York Mercantile Exchange fell by $2.1, closing at $93.04 per barrel, a decrease of 2.2%. The price of Brent crude oil futures for December delivery fell by $0.59, closing at $105.81 per barrel, a decrease of 0.55%.