International oil prices rise on Thursday, cautious market sentiment

On Thursday (October 20), after the news about the European debt crisis or the turnaround, international oil prices rose across the board. The Brent crude oil contract in recent months rose by one US dollar to an intraday high of 109.45 US dollars per barrel.

As of 20:18 Beijing time, the November contract for Brent crude oil ** rose 0.85 US dollars to 109.25 US dollars / barrel, the intraday trading hit the price of 109.45 US dollars / barrel, but after the good news broke after a slight drop. The US NYMEX crude oil ** contract in recent months rose 0.49 US dollars to 86.78 US dollars / barrel.

French President Nicolas Sarkozy had talks with German Chancellor Angela Merkel trying to break the deadlock on the European debt issue on the eve of the EU summit on October 23. Due to the uncertainty of the resolution of the European debt problem, including the Asian stock market, gold market and the euro, there has been a wide range of declines.

Tetsu Emori, manager of Astmax Co Ltd**, a Japanese financial institution, said: “Investors are reluctant to open positions before the resolution of the resolution of the European debt crisis. Although fundamentals are good news for oil prices, the turbulent economic situation has aggravated investors. The risk aversion."

In the report, an analyst with JPMorgan pointed out: "The downgrade of Spain and Germany's downward adjustment of domestic economic growth expectations all add to the need to introduce expedited measures."

The report also wrote: "But due to the close ties between the euro zone member states, there may be disappointments in resolving the results."

Some analysts predict that Brent crude oil prices will fall to US$106.96/barrel in recent months, and NYMEX crude oil** prices will decline to US$83.95/barrel in recent months.

In addition, according to data released by the US Energy Information Administration (EIA), crude oil and gasoline product inventories fell sharply last week, as crude oil imports hit the lowest level in October and capacity utilization of refineries continued to decline.

U.S. crude oil inventories fell by 4.73 million barrels to 33,290 million barrels in the week ended October 14, compared with economists' expected increase of 1.8 million barrels. Gasoline stocks fell by 332 million barrels to 206.27 million barrels, a drop of more than the previous forecast of 1.3 million barrels.