Cloth oil fell 1% to hit a new low in a month

Tencent Securities News Beijing time on June 6 morning news, according to the US financial website MarketWatch reported that crude oil prices closed down on Monday, because Saudi Arabia and other Gulf countries cut off the connection with Qatar, which triggered the market related to the Middle East Concerns about the uncertainty of crude oil production.

Saudi Arabia, Egypt, Bahrain and the United Arab Emirates have cut off diplomatic ties with Qatar on Monday, alleging that the country interferes with the internal affairs of these countries and supports terrorist activities, but Qatar has denied this allegation.

West Texas Light Crude Oil (WTI) futures for July delivery on the New York Mercantile Exchange fell 26 cents to close at $47.40 a barrel, down 0.6%. North Sea Brent crude oil futures for August delivery on the London ICE European Futures Exchange also fell 48 cents to close at $49.47 a barrel, down 1%. Both benchmark crude oil prices have hit their lowest closing levels in nearly a month, reversing the previous trend of more than 1% in European and Asian trading hours.

Market strategists pointed out that Qatar is one of the members of OPEC, but it is not a very important crude oil producer. OPEC members and non-OPEC oil producers agreed to cut production by 1.8 million barrels per day at the end of last year to alleviate the oversupply pressure on the global crude oil market. Subsequently, this production reduction agreement was extended to March next year.

Crude oil futures prices have fallen more than 4% in the overall transaction last week, setting the biggest weekly decline since the beginning of May. Market sentiment worsened after oilfield service provider Baker Hughes released its report on Friday, as the report showed that the number of active crude drilling platforms in the US increased by 11 in the week ended June 20. Increased for the 20th consecutive week. In the past four weeks, the average US crude oil production has exceeded 9.3 million barrels per day. The US Energy Information Administration (EIA) will release its monthly Short-term Energy Outlook report on Tuesday.

In other energy deals on the New York Mercantile Exchange, RBOB gasoline futures for July delivery fell 3.9 cents to close at $1.538 a gallon, down 2.5%; July heating oil futures for July delivery fell 2.6 cents , closed at 1.459 US dollars per gallon, a decrease of 1.7%; natural gas futures for July delivery closed down 1.7 cents to 2.928 US dollars per million British thermal units, a decrease of 0.6%, since mid-March The lowest closing price. (nebula)

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