Affected by the market's concerns about European and US debt, international oil prices fell on the 18th.
Europe announced the results of bank stress tests on the 15th. Although the results showed that only 8 banks failed to pass the test, which was lower than the market's previous expectations, it still failed to effectively ease investors' concerns about the debt situation in Europe. In addition, European policy makers seem to have no way to solve the debt problem. The yields of treasury bonds in countries such as Italy and Portugal continue to soar.
In the United States, negotiations on raising the debt ceiling still have no effect. After the international rating agencies Moody's and Standard & Poor's issued warnings in succession, investors worried about the possible US default on debt.
Affected by debt worries, the risk aversion in the market was strong. Funds withdrew from the high risk markets such as crude oil and flocked to the gold market, pushing the oil price to break through 1,600 U.S. dollars per ounce, setting a record high.
On the same day, the U.S. dollar rose. The dollar index, which tracks the changing trend of the U.S. dollar against a basket of currencies, rose by about 0.3%, which also put pressure on oil prices.
The market is currently widely speculated that the International Energy Agency may once again release strategic oil reserves in order to stabilize oil prices. However, analysts predict that the International Energy Agency will release the strategic reserve again as early as the beginning of September.
At the close of the day, light crude oil prices for August delivery on the New York Mercantile Exchange fell by $1.31 to close at $95.93 a barrel, a decrease of 1.35%. The price of Brent crude oil in the North Sea delivered by the London market in September fell by $1.21 to close at $116.05 per barrel, a decrease of 1.03%.
Europe announced the results of bank stress tests on the 15th. Although the results showed that only 8 banks failed to pass the test, which was lower than the market's previous expectations, it still failed to effectively ease investors' concerns about the debt situation in Europe. In addition, European policy makers seem to have no way to solve the debt problem. The yields of treasury bonds in countries such as Italy and Portugal continue to soar.
In the United States, negotiations on raising the debt ceiling still have no effect. After the international rating agencies Moody's and Standard & Poor's issued warnings in succession, investors worried about the possible US default on debt.
Affected by debt worries, the risk aversion in the market was strong. Funds withdrew from the high risk markets such as crude oil and flocked to the gold market, pushing the oil price to break through 1,600 U.S. dollars per ounce, setting a record high.
On the same day, the U.S. dollar rose. The dollar index, which tracks the changing trend of the U.S. dollar against a basket of currencies, rose by about 0.3%, which also put pressure on oil prices.
The market is currently widely speculated that the International Energy Agency may once again release strategic oil reserves in order to stabilize oil prices. However, analysts predict that the International Energy Agency will release the strategic reserve again as early as the beginning of September.
At the close of the day, light crude oil prices for August delivery on the New York Mercantile Exchange fell by $1.31 to close at $95.93 a barrel, a decrease of 1.35%. The price of Brent crude oil in the North Sea delivered by the London market in September fell by $1.21 to close at $116.05 per barrel, a decrease of 1.03%.
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