Affected by changes in supply and demand fundamentals, last week (July 30 to August 3), both international oil prices and gold prices fell.
The expectation of increased production in the major oil-producing countries in the week dominated the trend of oil prices, which put oil prices under pressure.
It is reported that Russia and OPEC major oil producers have recently increased crude oil production to compensate for possible supply shortages. In addition, the US Energy Information Administration released a report showing that as of the week of July 27, US commercial crude oil inventories increased by 3.8 million barrels, while the market was originally expected to reduce by 2.8 million barrels.
Baker Hughes said last week that US drillers reduced their active rigs in the second week of the three weeks, reducing two last week and reducing the total number of rigs to 859.
As of August 3, the light crude oil futures for September delivery on the New York Mercantile Exchange fell $0.47 to close at $68.49 a barrel, down 0.68%. London Brent crude oil futures for October delivery fell $0.24 to close at $73.21 a barrel, down 0.33%.
Market participants said that the current crude oil market is in a period of severe shocks. As long as Iranian sanctions and global tariffs are uncertain, it is easy to cause the market to rise or fall sharply.
In terms of gold, the trend is still sluggish, and it fell slightly last week, falling in the seventh week of the past eight weeks.
The World Gold Council’s report this week put pressure on the market. The report shows that global gold demand fell by 6% in the first half of this year to the lowest level since 2009.
| Thiourea |