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Strong manufacturing data international oil prices rebounded 2% on Wednesday

strong manufacturing data international oil prices rebounded 2% on Wednesday

September 2, 2010

[China paint information] the growth of U.S. crude oil inventories failed to drive down oil prices. Under the influence of strong manufacturing data from China and the United States, international oil prices rebounded 2% on Wednesday. At the close of Wednesday, the settlement price of October light crude oil futures on the New York Mercantile Exchange was $73.91 a barrel, up $1.99 from the previous trading day; London Intercontinental Exchange Brent crude oil futures in October settled at $76.35 a barrel, up $1.71; October futures of heating oil in New York rose 4.94 cents to 204.11 cents per gallon; Rbob gasoline futures in October were 188.91 cents per gallon, up 3.17 cents; London Intercontinental Exchange September diesel futures rose $4.25 to $645.5 per ton

according to the settlement price of the New York Mercantile Exchange, the "3-2-1" profit of refining three barrels of crude oil into two barrels of gasoline and one barrel of heating oil on Wednesday was 7.5 per barrel. In 2016, most domestic lithium ore extraction companies had a low lithium concentrate output of $60 due to environmental protection, technological transformation and other factors, a decrease of $1.345 from Tuesday

the growth of manufacturing data in China and the United States, two leading countries in world oil consumption, means that the demand for energy may increase. International oil prices rebounded despite the fact that the total oil inventory in the United States continued to hit a 27 year high recently. After China's manufacturing index fell to its lowest level in more than a year in July, it grew strongly in August. China's official manufacturing PMI rose slightly to 51.7 in August, the first month on month increase in four months; In the same month, the design and final production process were verified. Feng China's manufacturing PMI also hit a three-month high of 51.9. The Institute for supply management (ISM) released that the manufacturing index in August was 56.3, higher than the estimated value of 53.0, and higher than the U.S. manufacturing index of 55.5 in July

manufacturing data grew, and investors saw a glimmer of hope amid concerns about the slowdown in U.S. economic growth. On Wednesday, the U.S. stock market rebounded and the dollar exchange rate fell, boosting the optimism in the oil futures market. The US stock market rebounded strongly on Wednesday, with the Dow Jones industrial average closing up 2.54%, the largest one-day gain since July 7 and the fifth largest one-day gain in the year. The Nasdaq composite index closed up 2.97%. The S & P 500 index closed up 2.95%

the US dollar fell against all major currencies, the euro climbed above US $1.2850 against the US dollar earlier, and the Australian dollar surged 2% against the US dollar. At the close of New York, the dollar index fell 0.8% to 82.5; The euro rose 0.9% against the dollar to $1.2800

however, the employment situation in the United States is not optimistic, and oil futures investors are still cautious to enter the market. People are still waiting for the employment data released by the U.S. Department of labor on Friday. The U.S. employment report released by ADP and macroeconomic advisors on Wednesday showed that the number of private sector employment in the United States decreased by 10000 in August, while economists expected ADP to announce an increase of 17000 in August. Analysts expect data released by the U.S. Department of labor on Friday to show that the U.S. unemployment rate rose slightly to 9.6% in August from 9.5% in July

if the non farm employment data released by the United States on Friday shows that the unemployment rate rises, international oil prices will also fall

Jim ritterbusch, President of ritterbusch and associates, a consulting firm, said, "Unless there is an accident in the weekly oil data and economic data, now I think the volatile low of $70.76 per barrel of WTI October futures last week may reappear, and even before the release of employment data on Friday, the key price of $70 per barrel may appear. It is expected that the oil price support point may be $70 per barrel, and it may rebound to $per barrel next week.

the analyst of Cameron Hannover, a consulting agency, said in the research report that due to stock and The exchange rate will no longer fluctuate greatly, and the oil market will once again focus on the supply and demand side. The current supply and demand situation has reached the worst level ever

data released by the U.S. energy information administration showed that U.S. crude oil inventories increased while refined oil inventories decreased. As of the week of August 27, U.S. crude oil inventories increased by 3.43 million barrels, an increase greater than expected, while U.S. gasoline and distillate inventories fell by 210000 barrels and 740000 barrels respectively

according to the latest news, the package price of OPEC calculated by the weighted average price of 12 OPEC member states on August 31 was $72.39 per barrel, down $0.66 from the previous trading day

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