International oil prices have fallen below $ 100 and hit a new low in three months

Affected by factors such as the global economic recession and the strengthening of the dollar, the international oil price fell sharply on the 12th and closed below the $ 100 per barrel.

As of the close of the day, the price of light crude oil futures delivered in August of the New York Commodity Exchange fell 8.25 US dollars and closed at $ 95.84 per barrel, a decrease of 7.93%; the price of Brent crude oil futures in London, which was delivered in September, fell 7.61 US dollars. It was closed at $ 99.49 per barrel, a decline of 7.11%, which has fallen below the $ 100 mark for the first time in the past three months.

According to Agence France -Presse, the price of Brent crude oil fell below the important psychological mark of $ 100, which occurred shortly after the euro against the US dollar for the first time in the nearly 20 years. The US dollar index officially broke through the 108 mark and hit a new high since October 2002. The situation in Europe's natural gas supply will further deteriorate, pushing the market's concerns about the economic recession of the euro zone.

Andrew Libo, president of the United States Lobo Petroleum Consulting, said that the decline in the currency market "caused people to worry about the decline in Europe, and they will have to increase interest rates, which may slow down the demand for oil."

In the upcoming American inflation data, it also caused people's concerns about oil demand. The White House press secretary Karina Jean-Pierre said recently that the US consumer price index will continue to "maintain a high position" in June.

Since the beginning of June, the market that the market is increasingly worried about the major central banks around the world to curb inflation rates may push the economy into decline and international oil prices have fallen sharply.

The U.S. Energy Information Administration (EIA) released a short -term energy outlook report on the 12th, which reduced the expectations of crude oil futures. It is expected that the price of light crude oil futures in New York in 2022 is $ 98.79 per barrel, and the price of Brent crude oil futures is $ 104.05 per barrel. EIA also lowered the expected growth of oil production by 2023.

However, although the market is concerned about weak economic prospects, analysts warn that global oil inventory is still low according to historical standards, which means that if the supply is interrupted, the market may be difficult to meet demand.

OPEC released the 2023 Petroleum Market Outlook on the 12th stating that the market tightening of the market has not been eased. It is expected that the average daily demand growth of oil will increase by 1 million barrels more than supply next year. (Economic Reference Reporter Liao Bingqing)

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