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Multiple positive factors pushed up international oil prices

multiple positive factors pushed up international oil prices

May 27, 2014

[China paint information] during the week, international oil prices rose steadily driven by multiple positive factors. Data released by the US energy information administration showed that in the week ended May 16, the inventory of US commercial crude oil (104.27, -0.08, -0.08%) fell sharply by 7.2 million barrels to 391.3 million barrels, and the crude oil inventory in Cushing, Oklahoma, the main delivery place of New York crude oil futures, fell by 200000 barrels to 23.2 million barrels. This news has stimulated the oil price in New York, which once rose to a several week high

the geopolitical crisis also supported the rise of oil prices. The presidential election of Ukraine was held on the 25th. The voting began at 8:00 local time (13:00 Beijing time) and will end at 20:00 local time (1:00 Beijing time on the 26th). It is reported that the separatist forces in Lugansk and Donetsk in eastern Ukraine organized local independence referendums on May 11, respectively. On May 12, they announced that independence was passed by a high vote, and then claimed that "foreign countries" were not allowed to hold presidential elections there. In order to clear up the obstacles on the road of presidential election, such as cracks in the rotor, cracks in the clamp, fine medium carbon steel, alloy structure steel grain, blade corrosion, falling blocks and so on, the Ukrainian authorities have increased their efforts to combat civilian armed forces since early May. However, the progress of military operations is slow, and the plan to control the two states before the election can no longer be completed. In addition to Ukraine, the domestic situation in Libya, Syria and other places is also worrying

the US economy is gradually improving, and domestic oil demand will further increase, which has also become another driving factor for the rise of international oil prices. Leading economic indicators in the United States rose for the third consecutive month in April. Internationally, the initial value of the purchasing managers' index of U.S. manufacturing industry in May was 56.2, which was also better than expected. In addition, new home sales in the United States in April stopped falling and rebounded month on month. Data released by the U.S. Department of Commerce on the 23rd showed that new home sales in the United States in April were 433000 units at an annual rate, up 6.4% month on month. As an important crude oil consumer in the world, the improvement of the US real estate market has raised the market's expectation of rising crude oil demand. Analysts pointed out that as LANXESS expects its annual growth rate in China to reach 9%, the economy is gradually strengthening, U.S. consumer confidence is improving, and the driving holiday is coming, U.S. domestic oil prices will further rise

in the precious metal market, due to the strike in South Africa, the main producer, platinum prices rose to an eight month high, and palladium prices reached the highest in nearly three years. As South Africa accounts for 80% of the global platinum production and one third of the palladium production, the local strike trend will affect the rise and fall of the two precious metals in the future

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