The hottest oil price rose on Wednesday following

Following the stock market rally, oil prices rose on Wednesday

following the stock market rally, oil prices rose on Wednesday

April 30, 2009

[China paint information] crude oil futures closed higher on Wednesday, following the stock market rally. Although the latest data showed that U.S. crude oil inventories increased significantly again, oil prices were not affected

the settlement price of light and low sulfur crude oil futures contract in June on the New York Mercantile Exchange rose by 1.05. The sensor installed on the gauge is applicable to the tensile test of metal or rubber samples of standard thickness, US dollars, to US $50.97 per barrel, up 2.1%. During the ice period, the scrap purchase of Fujian Sanbao Co., Ltd. increased by 30 yuan/ton; Ningbo Shenlong scrap increased by 20 yuan/ton; Yantai new Oriental metallurgical scrap purchase price increased by 20 yuan/ton; Jiangsu Hongtai scrap increased by 20 yuan/ton; Tangshan Xindonghai special steel scrap increased by 20 yuan/ton. The settlement price of Brent crude oil futures in June rose 79 cents to $50.78 a barrel on the cargo exchange

crude oil prices recovered all losses this week as traders still expected the US economy to improve later this year, despite the lack of economic data to support this expectation. On Wednesday morning, the U.S. Commerce Department announced that the first quarter gross domestic product (GDP) fell at an annualized rate of 6.1%, a larger than expected decline, the first time the U.S. economy shrank for the third consecutive quarter in 34 years

however, the market was encouraged by the rise in consumer spending. The robot industry developed healthily and rapidly. The strong trend of financial and industrial stocks pushed the Dow Jones index to the highest level since early February. 3. The interface on the controller was flat one by one

Tom Bentz, an analyst at BNP Paribas commodity futures Inc. in New York, said that now the market is greatly oversupplied, but investors are more willing to pay attention to the potential of economic recovery; The crude oil market did not pay attention to inventory data. In fact, the market has ignored inventory data for months

the energy information administration announced on Wednesday that as of the week of April 24, the U.S. commercial crude oil inventory increased by 4.1 million barrels again, while the previous commercial crude oil inventory level has reached an 18 year high. Gasoline inventories decreased significantly by 4.7 million barrels, providing some support for oil prices, but demand is still low, and the average demand level in four weeks is the lowest in 10 years

crude oil prices were largely unaffected by the inventory report, but continued to follow the strong rise in the stock market. The weakening dollar also further boosted oil prices. As a weaker dollar will prompt investors to invest in commodity markets to hedge against inflation risks

the Federal Reserve also brought some positive news. The Fed said that since the March meeting, the US economic outlook has improved slightly, but the economic situation is likely to remain weak for some time

the settlement price of rbob gasoline futures in May rose 5.07 cents, or 3.6%, to $1.4484 per gallon. The settlement price of heating oil futures in May rose 1.24 cents to $1.3291 per gallon