Banks oil firms lift market price
The price of a barrel of crude oil has dropped signifi강릉안마 강릉출장마사지cantly as global producers and speculators have ramped up purchases, triggering a sharp rise in spending by traders.
The price of a barrel of Brent crude rose more than 10 per cent on Monday to a new peak of $93.65 on the official China Central Bank website. It has fallen about 14 per cent in the past week, making it the world's worst performing currency.
"All of the oil markets that you've mentioned are now significantly down and are taking온라인카지노 the whole world down with them," said RBC Capital Markets energy strategist James Bessen.
There is no clear indicator whether the decline has anything to do with the OPEC decision to increase output to meet global production targets set by Mr Xi. But the move puts China closer to the U.S. and Britain.
China is also facing tougher competition. Iran, which is building a fleet of up to two million crude-storage tankers that it is expected to ship from its southern port of Qom, has ramped up production as the price for crude has plummeted. It also has a record $10 billion-plus oil refinery complex in southern Iran on its coast and the world's fifth-largest crude reserves, with 2.7 billion barrels.
China's export growth was also affected by price swings. With a glut of crude in the world market pushing prices back up, Chinese refiners were struggling to find enough tankers and other facilities to keep up with demand.
In July China's Central Bank raised interest rates and increased reserve requirements, say블랙 잭ing it would cut reserves by half if crude prices fell to $45 a barrel. China's crude-tanker fleet and refinery operations have also grown in the past year despite the policy shift, although there is no set dollar figure for when the increase would take effect.
But while many oil analysts said the recent drop in oil prices can be linked to market fundamentals, they expressed doubts about the stability of Chinese industry.
"It is not the case of an 'oil panic', but oil volatility," said Shanshan Jiang, an economist at HSBC.
Some experts think China's economic rise could still continue to increase oil-market instability.
"With all the investment and investment from companies in China, oil has reached the level it can hold," Mr Bessen said.
"With such a long run time horizon (supply) there is a high probability of oil oil prices climbing again