Oil Price Morning Report: European and American crude oil futures continue to fall
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Oil Price Morning Report: European and American crude oil futures continue to fall 2015-10-15 07:39:54 Concerns over an ample global oil supply have led to slight declines in international oil prices, despite a drop in U.S. shale oil production. U.S. crude oil futures dropped 6% over three consecutive days, while Brent crude oil futures fell 7.4% over four trading days. Following the release of the American Petroleum Institute inventory data, electronic trading systems for crude oil futures in Europe and the United States accelerated their downward trend after market hours. On Wednesday (October 14), the closing price of November 2015 West Texas Light Oil futures on the New York Mercantile Exchange was $46.64 per barrel, down $0.02 from the previous trading day, with a trading range of $45.94–$46.96 ； The closing price of Brent crude oil futures on the London Intercontinental Exchange for November 2015 was $49.15 per barrel, down $0.09 from the previous trading day, with a trading range of $48.71–$49.52.
But some analysts and investors are already bullish on oil prices. The consulting firm Energy Aspects believes that just a few weeks ago, those who were pessimistic about oil prices held the upper hand, but now the market’s focus is shifting from the existing surplus in crude oil supply to the possibility of further shortages, which could potentially drive up oil prices. However, being bullish is a relative concept; if oil prices rise too rapidly, high-cost oil producers will resume production, thereby limiting the upward trend in oil prices. Brent crude is expected to remain stable around $55 per barrel, about $6 higher than the current price.