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The number of the well in US fell, but OPEC continued excess oil production, international oil prices fell for two days dragged down again fall mark. New York oil price close at .96 a barrel on Friday. Single-day plunge of 1.3%, while the whole week narrowed the gains to 1.4 percent. London Brent oil fell nearly 2 percent more daily, to close at .87 a barrel, so that the whole week rose less than 1%.
IEA (International Energy Agency, IEA) latest oil market report noted that OPEC's output 3133 barrels per day on May. Increasing by five million barrels of oil not only exceeds the group's 30 million barrels objectives set out more the highest since August 2012 the highest output record.
Among them, the average daily increases of 1025 million barrels of Saudi oil, the highest the highest level since at least 30 years. IEA noted that even if the expected increase in global demand for oil, revealing the market supply and demand will take some time to stabilize.
According to the US oil company Baker Hughes latest data showed the US drilling wells to reduce the number seven this week, the total fell to 635, has been falling for 27 weeks. While the number of gas wells also decreased by week one, the total fell to 221. In addition, the US Energy Department announced the latest oil inventories recorded a 4.706 million barrels, six weeks consecutive decline. However, average daily oil supply is increased to 961 million barrels, another new high on record since 1983. However, the US Energy Agency expects oil production will begin in June to gradually decline.
The International Energy Agency believes that even if the United States has slowed the implementation of the policy, but its output still increased by 800,000 barrels last year. Plus OPEC has continued to push up yields, making a total capacity of nearly three months, more than 100 million barrels higher than the IEA are expected daily. IEA further pointed out that although the United States and other non-OPEC Member States have carried out reduction policies. But OPEC member countries still remain cut attitude in an attempt to maintain market share, resulting in a strong pressure on US shale oil industry. The same time, an oversupply of international oil prices, prompting some Asian refiners purchase spot crude oil industry in order to improve profits, thereby increasing oil price shocks.
The report also mentioned that, IEA oil demand to increase by 1.4 million barrels daily, but maintains the first quarter of 170 million barrels of supply is expected. However, IEA believes demand for crude oil will slow in the second half of the Member States economic slowdown Organization for Economic Cooperation and Development, thereby weakening demand for oil. "Bloomberg" Comprehensive 26 analysts comments, up to 62% is expected this week, oil prices down, only six estimate continued to rise.
In addition, gold prices fell for two days, the New York gold futures on Friday to close at $ 1,179.2 an ounce, daily edged down 0.1%, while the whole week tired and fell half a percentage point. Silver futures plunged 0.8 percent one-day, three-day winning streak halted on Friday to close at $ 15.825 an ounce, according to Zhou meter tired and fell 1%.
Analysts pointed out that the price of gold fell into good light contention situation, while the Greek debt crisis remains uncertain, rising risk aversion led some funds into precious metals commodity, but better than expected US economic data, make the United States an early rate hike expected to heat up, part of the funds continued flowing gold.Fund Pension Partners chief investment strategist Michael Gayed pointed out that the Fed will be held on Tuesday and three-fourth meeting this year, the market is concerned about the Lord Xi Yelun after the central bank's remarks will change, once the signal more rate hike during the year obviously, the dollar price of gold rose certainly a heavy pressure.
The world's largest gold exchange-traded products SPDR latest statistics show that as of last Friday, over the past week to reduce positions about 55,000 ounces, total gold holdings fell to 22.63 million ounces, a record low since 2009 have reflected more large bearish gold prospects, selling investment products related to cash.
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