Macroeconomic support International crude oil prices are expected to bottom

local time on November 11, due to a new round of Iran nuclear talks did not make progress, international oil prices closed higherLight crude futures for December delivery rose $0.54, or 0.57 percent, to close at $95.14 a barrel on the New York Mercantile ExchangeBrent crude for December delivery rose $1.28, or 1.21 percent, to $106.4 a barrel in London3uB
The new round of iran-nuclear talks in Geneva, Switzerland, ended on 10 November without real progress as expected, and the parties will begin the next round of talks in Geneva on 20 November3uB
According to the U.SEnergy Information Administration (EIA), Iranian crude oil and condensate exports fell to 1.53 million barrels per day in 2012 from 2.51 million barrels per day in 2011Dong Dandan, an analyst at Guotai Junan Futures, said investors were concerned that a deal to limit Iran's nuclear program could bring more than 1 million barrels of crude oil back to international markets every day3uB
On Monday, Iran agreed to more inspections of some of its nuclear facilities by the United Nations nuclear watchdog, a move that could give impetus to future diplomatic negotiationsEarlier, U.SSecretary of State John Kerry said the parties in the current round of dialogue not only reduced differences, but also made clear progress towards an agreement is undoubtedly a step forwardThe market expects that if the talks make substantial progress, the reduction of sanctions against Iran will allow more crude oil into the market3uBin addition to the geopolitical situation, the macro-economy also supports oil prices3uB
Economic data released last week showed a sustained recovery in the U.SeconomyAs the world's leading consumer of crude oil, the U.Seconomy is good for demand for crude oilThe U.Sunemployment rate edged up to 7.3 percent in October, but the number of new jobs was significantly higher than market expectationsReal gross domestic product grew at an annualised rate of 2.8 per cent in the third quarter, up from 2.5 per cent in the previous quarter and better than market expectations of 2 per cent3uB
China's economy, another big oil-demanding country, is showing clear signs of stabilisation, which is also reflected in the apparent demand of PetroChinaChina's apparent demand for oil edged up 0.3 per cent in October from a year earlier, marking its first year-on-year decline in 17 months in SeptemberRefinery output rose as China showed more signs of economic stabilisation 3uB
　　Mr Tung pointed out that profit margins at China's refineries had improved as a result of the launch of a more market-linked pricing mechanism in March, and Sinopec said last month that crude oil processing volumes had increased 6.4 per cent year-on-year in january-September and refined gross margins had reached $5.49 a barrel, up 150 per cent year-on-year 3uB
　　China's fuel inventories fell for three straight months in July-September, according to research, meaning real demand should be higher than the surface 3uB
　　According to Dong Dandan forecast, with the end of November in the United States holiday travel increased and the arrival of the winter heating oil consumption season, the crude oil market depolar factors are increasingly apparent, although the current international oil prices still have room to fall, but will gradually complete the bottoming process before December 3uB on November 11, local time, due to a new round of Iran nuclear talks failed to make progress, international oil prices closed higher Light crude futures for December delivery rose $0.54, or 0.57 percent, to close at $95.14 a barrel on the New York Mercantile Exchange Brent crude for December delivery rose $1.28, or 1.21 percent, to $106.4 a barrel in London 3uB
　　The new round of iran-nuclear talks in Geneva, Switzerland, ended on 10 November without real progress as expected, and the parties will begin the next round of talks in Geneva on 20 November 3uB
　　According to the U.S Energy Information Administration (EIA), Iranian crude oil and condensate exports fell to 1.53 million barrels per day in 2012 from 2.51 million barrels per day in 2011 Dong Dandan, an analyst at Guotai Junan Futures, said investors were concerned that a deal to limit Iran's nuclear program could bring more than 1 million barrels of crude oil back to international markets every day 3uB
　　On Monday, Iran agreed to more inspections of some of its nuclear facilities by the United Nations nuclear watchdog, a move that could give impetus to future diplomatic negotiations Earlier, U.S Secretary of State John Kerry said the parties in the current round of dialogue not only reduced differences, but also made clear progress towards an agreement is undoubtedly a step forward The market expects that if the talks make substantial progress, the reduction of sanctions against Iran will allow more crude oil into the market 3uB in addition to the geopolitical situation, the macro-economy also supports oil prices 3uB
　　Economic data released last week showed a sustained recovery in the U.S economy As the world's leading consumer of crude oil, the U.S economy is good for demand for crude oil The U.S unemployment rate edged up to 7.3 percent in October, but the number of new jobs was significantly higher than market expectations Real gross domestic product grew at an annualised rate of 2.8 per cent in the third quarter, up from 2.5 per cent in the previous quarter and better than market expectations of 2 per cent 3uB
　　China's economy, another big oil-demanding country, is showing clear signs of stabilisation, which is also reflected in the apparent demand of PetroChina China's apparent demand for oil edged up 0.3 per cent in October from a year earlier, marking its first year-on-year decline in 17 months in September Refinery output rose as China showed more signs of economic stabilisation 3uB
　　Mr Tung pointed out that profit margins at China's refineries had improved as a result of the launch of a more market-linked pricing mechanism in March, and Sinopec said last month that crude oil processing volumes had increased 6.4 per cent year-on-year in january-September and refined gross margins had reached $5.49 a barrel, up 150 per cent year-on-year 3uB
　　China's fuel inventories fell for three straight months in July-September, according to research, meaning real demand should be higher than the surface 3uB
　　According to Dong Dandan forecast, with the end of November in the United States holiday travel increased and the arrival of the winter heating oil consumption season, the crude oil market depolar factors are increasingly apparent, although the current international oil prices still have room to fall, but will gradually complete the bottoming process before December 3uB
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