Factors such as politics at the most burning edge

Geopolitics and other factors supported the rise of oil prices

affected by factors such as the reduction of U.S. crude oil inventories and the rising geopolitical situation in the Middle East, the recent international crude oil prices showed a volatile upward trend. Oil prices rose slightly in New York on the 23rd

as of the close of the 23rd, the price of light crude oil futures for December delivery on the New York Mercantile Exchange rose by US $0.06 to close at US $51.90 per barrel, an increase of 0.12%. London Brent crude oil futures for December delivery fell US $0.38, or 0.66%, to US $57.37 a barrel

data released by the US Energy Information Administration (EIA) last week showed that as of October 13, US crude oil inventories had decreased by 5.731 million barrels in the week, significantly higher than market expectations and falling for the fourth consecutive week. According to the analysis, this shows that the process of destocking crude oil in the United States is advancing well. At the same time, EIA data also showed that the daily crude oil processing volume of the refinery decreased by 819000 barrels, the capacity utilization rate decreased by 4.7%, and the daily crude oil import volume decreased by 662000 barrels. U.S. crude oil production fell 11% from the previous week to 8.4 million barrels a day, the lowest since June 2014

in early October, tropical hurricanes frequently hit the Gulf coast of the United States, causing a large number of drilling platforms to be shut down. Baker Hughes' data showed that as of October 20, the total number of domestic drilling in the United States had decreased by 15, including 8 natural gas drilling and 7 oil drilling. In addition, the number of oil drilling platforms in the United States has also peaked and fallen, down 3% from the peak in August

at present, the international crude oil market is still very concerned about the geopolitical situation in the Middle East. U.S. President trump recently announced a new policy on Iran, formally clarifying the U.S. government's policy position to contain Iran. The Iraqi military confirmed on the 20th that government troops regularly checked whether there was oil leakage at the main engine and oil source in Kirkuk province and the Kurdish autonomous region (reservoir area) on the same day, and there was armed conflict with the reservoir area near the junction. Investors believe that the geopolitical tension in the Middle East may affect oil exports in the Middle East. Geopolitical tensions in the Middle East helped push the oil price in New York to a three week high last week, which is based on a dictionary Σ

in addition, on the positive side, OPEC Secretary General Mohamed sanussi baljindo said last week that the oil market was "accelerating" rebalancing. According to his prediction, global oil demand will continue to increase. Baljindo said in London that as the global economy continues to improve, oil demand will increase. "We expect that global oil demand will exceed 100million barrels per day by 2020.". This figure exceeds OPEC's previous prediction for 2017, that is, the average daily global oil demand in 2017 will reach 96.8 million barrels

baljindo also said that it is crucial for the oil industry to obtain sustained investment, and OPEC should continue to cooperate with non OPEC oil producing countries. "We need to strengthen relations with Russia and other non OPEC members. In the foreseeable future, the world will continue to need oil." Baljindo said

at the end of 2016, 11 non OPEC products such as OPEC and Russia will not only prolong the construction period, increase the project cost, and restrict the diversification of building exterior decoration style. Foreign oil countries have reached an agreement on crude oil production reduction. In May this year, OPEC and non OPEC oil producing countries decided to extend the crude oil production reduction agreement for nine months

however, the recent strengthening of the US dollar has added downward pressure on oil prices. The U.S. Senate recently approved the budget for fiscal year 2018, paving the way for Republicans to promote tax cuts without Democratic support. Public opinion pointed out that this was the first major achievement of cooperation with Republicans in Congress after President Trump's products were mainly sold abroad. Driven by the news, the exchange rate of the US dollar against other major trading currencies rose in the foreign exchange market, putting downward pressure on the price of crude oil futures denominated in US dollars

at the same time, analysts said that the number of wells drilled in the United States fell or was only affected by temporary factors. After the recent hurricane threat ended, the number of wells drilled may rise