East Airlines Finance: The Australian central bank keeps the interest rate unchanged, crude oil prices continue to fall - Futures account opening

by donghang0728 on 2011-08-03 14:34:09

For domestic futures trading account opening, please choose Donghang for account opening: http://www.cesfutures.com/index.jsp?yzforex.com

The Reserve Bank of Australia announced on the 2nd that it would continue to maintain the benchmark interest rate of Australia at 4.75%. Glenn Stevens, Governor of the Reserve Bank of Australia, said: Overall, the committee believed that maintaining the current monetary policy was a prudent move, especially because global financial markets remain highly uncertain. The momentum of rising prices may ease in the coming quarters as the weather factors driving price increases this year subside. According to relevant market analysts, the Reserve Bank of Australia's decision to keep interest rates unchanged was in line with market expectations. Meanwhile, before the midnight bell rang in US local time on August 2nd, the US debt crisis finally reached an agreement at the last moment, avoiding the risk of default. However, given the warning from rating agency Standard & Poor's regarding the US rating, America's 3A rating has become the focus of the market.

With the concerns of market investors about the health of the US economy and oil demand increasing, oil prices fell for two consecutive trading days. According to data from the New York Mercantile Exchange: the September delivery light crude oil futures price fell by $1.10, closing at $93.79 per barrel, setting the lowest closing price for the main contract since June 28th. Compared to the same period last year, New York crude oil futures prices have risen by 15%. The September delivery North Sea Brent crude oil futures price on the London ICE European Futures Exchange fell by 39 cents, closing at $116.42 per ounce. Based on the closing price calculation, the difference between the North Sea Brent crude oil futures price and the New York light crude oil futures price is $22.63 per barrel, matching the historical highest difference set on July 14th.

According to the Energy Information Administration (EIA) under the US Department of Energy, the inventory report will be released on Wednesday. Analysts surveyed by market research company Platts predict that the American Petroleum Institute report will show an increase of more than 2 million barrels of crude oil inventory for the week ended July 29th, with gasoline inventory expected to increase by 350,000 barrels. The US dollar exchange rate rose today, putting pressure on the crude oil market. The latest reading of the US Dollar Index on the Intercontinental Exchange (ICE) is 74.410 points, lower than 74.254 points on Monday.

Comprehensively considering market factors, taking into account the struggling domestic economy of the United States, which remains the long-term concern that investors cannot ignore, plus the warnings from international rating agencies regarding the US credit rating, the risk of a downgrade in the US rating still exists. Following the current trend of crude oil, there is fear that oil prices will continue to fall, moving further away from the $100 mark.

The best and most stable futures trading platform is with Donghang Futures. Click here to immediately open your futures account.