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International crude oil futures fell sharply for five consecutive trading days. In the past week, international oil prices have fallen by about 10%. Eight oil pipelines in southern Iraq were bombed on Thursday, causing New York light oil futures to rebound to more than $44 a barrel in electronic trading in the first month. The impact of the unrest in Najaf, Iraq, was expected to be resolved peacefully late on Thursday, when international oil prices quickly fell back. New York’s October crude oil futures settled at $43.10 per barrel on Thursday, down 37 cents from Wednesday. London Brent crude settled at $40.33 a barrel in October, closing down 35 cents. On Thursday, crude oil futures in Asia and the Middle East fell sharply after the overnight Western crude oil futures. Dubai crude oil closed at $ 36.60-36.65 per barrel in October, down $ 2.05 from Wednesday. The Brent/Dubai crude oil price in October is now trading at a price of $4.02-4.08 per barrel, which is narrower than Wednesday. Oman crude oil shipments in October fell to the lowest point in 13 months. On Thursday, Asian refined oil market prices fell across the board, and light distillates fell to the lowest point in three weeks. Japan's open specifications naphtha spot fell to 406-408.50 US dollars per ton in the first half of October; diesel paper goods fell to 49.40-49.50 US dollars per barrel in September. Oil futures on the Tokyo Commodity Exchange continued to fall on Thursday. January crude oil contract price closed at 25,130 yen per cubic meter, down 750 yen from Wednesday; March gasoline futures and kerosene futures each fell 1050 yen, closing at 36,500 yen and 36,610 yen per cubic meter respectively. Singapore's gasoline assessment price was US$49.95 per barrel on Thursday, down US$1.425 from Wednesday, and the diesel assessment price was US$51.385 per barrel, down US$1.375. The comprehensive change rate of refined oil in international markets on Thursday was 42.25%. The comprehensive weighted average price of gasoline in the three places was US$49.79 per barrel, which was US$1.68 lower than that of Wednesday; the comprehensive weighted average price of diesel in the three places was US$51.81 per barrel. It was $1.61 lower than Wednesday. On Wednesday, the OPEC basket of oil prices was US$40.45 a barrel, down 98 cents from Tuesday. OPEC Chairman Boehler said in Jakarta on Thursday that if necessary, OPEC can increase production quotas. OPEC will also meet with non-OPEC oil producers to discuss ways to cool oil prices and stabilize the market. The 20 oil pipelines in the south of Iraq were attacked and the newly normal oil exports in the south of the country have once again declined. However, the Iraqi Shiite leader Sistani and the Shiite anti-American priest Sadr reached a temporary cease-fire agreement, which offset the destruction of the oil pipeline. According to reports, the explosion of the southern oil pipeline has no impact on the country’s oil exports. The southern crude oil export volume is still 2 million barrels per day. The crude oil flowing from the northern oil pipeline to the port of Ceyhan in Turkey is almost full, and Iraq is preparing to bid for export. Crude oil in a Ceyhan tank. According to Kirdoff, an energy analyst at New York-based Fimat U.S. Futures, in New York, Najaf's ending of the conflict may lead to further decline in crude oil futures prices. From a technical perspective, crude oil futures prices will be supported near 41 dollars per barrel, but falling below this level may cause crude oil futures to easily fall to 37-39 dollars per barrel. However, other analysts believe that the fundamentals of the crude oil market have not changed much. If there is another violent conflict in Iraq, it may prompt the oil price to rise again. It is expected that the price of oil will fluctuate around slightly above 40 US dollars in the short term.
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