As the Thanksgiving holiday of the United States approaches, investors’ selling behavior is obvious. Coupled with the pending debt problems in Europe and the United States, the world economy and crude oil demand face great uncertainty and the market risk appetite is reduced.
The U.S. Congress “Super Committee†needs to reach an agreement on how to reduce the US$1.2 trillion fiscal deficit in the next 10 years before the 23rd, but the market expects that the “Super Committee†cannot reach an agreement before the deadline and the U.S. debt outlook will not increase. Certainty.
Moody’s Investors Service Company warned that France’s “AAA†sovereign credit rating is at risk due to rising French government bond yields and weak economic growth. This led to the increase in the yield of national debt in major European countries such as France, Spain, Italy and Belgium. The market is worried that the debt crisis is spreading to the core European countries. As a result, panic has increased. A lot of money has flowed into safe havens such as US bonds and German bonds, while the prices of risky assets such as crude oil and stocks have fallen.
However, tensions in the Middle East provide support for oil prices and limit the decline. The Iranian nuclear issue has become increasingly tense. The political turmoil in Egypt and Syria have caused concerns about the supply of crude oil.
At the close of the day, the price of light crude oil for delivery in January on the New York Mercantile Exchange fell by 75 cents to settle at US$96.92 per barrel, a decrease of 0.77%. January Brent crude oil prices in London's North Sea fell by 68 cents to settle at US$106.88 per barrel, a decrease of 0.63%.
The U.S. Congress “Super Committee†needs to reach an agreement on how to reduce the US$1.2 trillion fiscal deficit in the next 10 years before the 23rd, but the market expects that the “Super Committee†cannot reach an agreement before the deadline and the U.S. debt outlook will not increase. Certainty.
Moody’s Investors Service Company warned that France’s “AAA†sovereign credit rating is at risk due to rising French government bond yields and weak economic growth. This led to the increase in the yield of national debt in major European countries such as France, Spain, Italy and Belgium. The market is worried that the debt crisis is spreading to the core European countries. As a result, panic has increased. A lot of money has flowed into safe havens such as US bonds and German bonds, while the prices of risky assets such as crude oil and stocks have fallen.
However, tensions in the Middle East provide support for oil prices and limit the decline. The Iranian nuclear issue has become increasingly tense. The political turmoil in Egypt and Syria have caused concerns about the supply of crude oil.
At the close of the day, the price of light crude oil for delivery in January on the New York Mercantile Exchange fell by 75 cents to settle at US$96.92 per barrel, a decrease of 0.77%. January Brent crude oil prices in London's North Sea fell by 68 cents to settle at US$106.88 per barrel, a decrease of 0.63%.
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