International oil prices rose 1.09% on the 12th to close at 88.19 US dollars a barrel

Affected by multiple factors such as the European debt crisis, the slowdown in the world economy, and the tropical storm, New York's oil prices edged higher after a big shock on the 12th.

On the same day, international oil prices fell sharply, and New York's oil prices fell below the minimum level of 85 US dollars per barrel. This was mainly due to the pessimistic debt outlook in Europe and the slowing global economic growth. However, the New York stock market rose at the end of the day. New York oil prices rebounded and eventually closed higher.

As the ruling party in Germany began to openly discuss the risk of default in Greek debt, many analysts believe that the appearance of debt default in Greece is only a matter of time. In addition, economic growth in the United States and Europe has stagnated. After the Group of Seven finance ministers held a meeting in France on the 9th, they decided to take joint actions to stimulate economic growth. However, the details of the specific policies could not be formulated and the market was disappointed.

Due to the slowdown in the global economic growth, the Organization of Petroleum Exporting Countries (OPEC) on the 12th lowered its global crude oil demand growth forecast for the next two years. In its report, OPEC cut its global oil demand increase by 150,000 barrels in 2011, and reduced its demand growth by 40,000 barrels in 2012. It also said that if the US economy continues to decline, global oil demand will further decrease.

In addition, in terms of crude oil supply, the production of oil in the Gulf of Mexico was temporarily absent due to the landing of Tropical Storm “Nate” elsewhere. While Libya’s Arabian Gulf Oil Company announced on the same day that it would restart oil production in eastern Libya, investors expect that the oil industry in Libya will gradually recover. Supply increased pressure on oil prices.

At the close of the day, light crude oil prices for delivery in October on the New York Mercantile Exchange rose 95 cents to settle at $88.19 a barrel, or 1.09%, and ranged from $85.00 to $88.95 per barrel. However, London Brent crude oil prices in London in October fell 52 cents to settle at 112.25 US dollars a barrel, a decrease of 0.46%.