According to foreign reports, crude oil ** rose strongly on the second consecutive trading day on Thursday, boosted by oil demand, US economic growth and European debt crisis optimism. On the New York Mercantile Exchange, November light, low* crude oil settled at $2.91, or 82.59, a gain of 3.7%. The ICE Brent crude ** contract rose 3.00 US dollars to 105.73 US dollars a barrel, or 2.9%.
Earlier this week crude oil fell to its lowest level in more than a year and closed at $75.67 a barrel on Tuesday. However, oil prices have risen by more than 9% from their low points in only two trading days. Analysts said that since oil demand and US employment data are encouraging, and there are signs that European leaders are taking the initiative to take more measures to deal with the sovereign debt crisis, the pessimism that has shrouded the market seems to have dissipated.
The European Central Bank decided on Thursday to keep the benchmark interest rate unchanged. This disappointed some investors and caused the price of oil to fall during the pre-market period. However, the bank subsequently stated that it will introduce quantitative easing measures to purchase 40 billion euros of bank bonds. Affected by this, the market has renewed confidence that Europe is taking measures to curb the sovereign debt crisis. At the same time, data shows that the number of U.S. applicants for unemployment benefits for the first time in the week of October 1 only increased slightly.
In recent months, the price of oil has been closely following the trend of the stock market, but the increase in crude oil prices on Thursday exceeded the Dow Jones index. November RBOB gasoline ** settled up 11.68 cents to 2.6860 US dollars per gallon, or 4.6%. In November, heating oil ** settled up 8.45 cents to $2.8611 a gallon, or 3.0%.
Earlier this week crude oil fell to its lowest level in more than a year and closed at $75.67 a barrel on Tuesday. However, oil prices have risen by more than 9% from their low points in only two trading days. Analysts said that since oil demand and US employment data are encouraging, and there are signs that European leaders are taking the initiative to take more measures to deal with the sovereign debt crisis, the pessimism that has shrouded the market seems to have dissipated.
The European Central Bank decided on Thursday to keep the benchmark interest rate unchanged. This disappointed some investors and caused the price of oil to fall during the pre-market period. However, the bank subsequently stated that it will introduce quantitative easing measures to purchase 40 billion euros of bank bonds. Affected by this, the market has renewed confidence that Europe is taking measures to curb the sovereign debt crisis. At the same time, data shows that the number of U.S. applicants for unemployment benefits for the first time in the week of October 1 only increased slightly.
In recent months, the price of oil has been closely following the trend of the stock market, but the increase in crude oil prices on Thursday exceeded the Dow Jones index. November RBOB gasoline ** settled up 11.68 cents to 2.6860 US dollars per gallon, or 4.6%. In November, heating oil ** settled up 8.45 cents to $2.8611 a gallon, or 3.0%.
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