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International oil prices rose unilaterally last week, with the main futures contract of New York light crude oil rising 3.
94%, the biggest weekly increase in nearly two months
.
Oil prices
were supported by a reduction in the number of U.
S.
oil rigs, a temporary weakening of the U.
S.
dollar index, and Iran's all-out push back against U.
S.
sanctions.
U.
S.
oil service company Baker Hughes released data on the 24th that as of August 24, the number of active oil rigs in the United States fell by 9 to 860, the largest weekly decline since May 2016
.
In addition, the number of active natural gas rigs decreased by four to 182 during the week
.
This comes after U.
S.
commercial crude inventories fell by 5.
8 million barrels in the week ended Aug.
17, well ahead of market expectations of a decline of 1.
86 million barrels
, according to data released by the U.
S.
Energy Agency.
At the same time, the dollar index weakened sharply during the week, hitting a low of 94.
91 to close at 95.
15, down about 1% on the week, which also provided an opportunity
for international oil prices denominated in US dollars to rise.
That week, Iran said it would fully respond to U.
S.
sanctions, which further aggravated
concerns about the situation in the Middle East and crude oil supplies.
According to a report by the Islamic Republic of Iran News Agency on the 25th, Iranian President Hassan Rouhani called on Iran to strengthen domestic unity in response to US sanctions
.
Rouhani said that the current international and regional situation is at a critical juncture, and it is very important
to maintain domestic unity and stability.
"We must unite and resolutely thwart the intrigues and tricks of hostile forces
.
" On May 8 this year, US President Trump announced his withdrawal from the Iranian nuclear agreement and restarted sanctions
against Iran.
On August 7, the United States reopened sanctions on a series of non-energy sectors such as finance, metals, minerals, and automobiles in Iran, and will restart the remaining sanctions
on November 5.
Light crude futures for October delivery rose $0.
89, or 1.
31 percent, to settle at $68.
72 a barrel on the New York Mercantile Exchange by the close of the last trading day of the week
.
London Brent crude futures for October delivery rose $1.
09, or 1.
46%, to settle at $75.
82 a barrel
.
International oil prices rose unilaterally last week, with the main futures contract of New York light crude oil rising 3.
94%, the biggest weekly increase in nearly two months
.
Oil prices
were supported by a reduction in the number of U.
S.
oil rigs, a temporary weakening of the U.
S.
dollar index, and Iran's all-out push back against U.
S.
sanctions.
U.
S.
oil service company Baker Hughes released data on the 24th that as of August 24, the number of active oil rigs in the United States fell by 9 to 860, the largest weekly decline since May 2016
.
In addition, the number of active natural gas rigs decreased by four to 182 during the week
.
This comes after U.
S.
commercial crude inventories fell by 5.
8 million barrels in the week ended Aug.
17, well ahead of market expectations of a decline of 1.
86 million barrels
, according to data released by the U.
S.
Energy Agency.
At the same time, the dollar index weakened sharply during the week, hitting a low of 94.
91 to close at 95.
15, down about 1% on the week, which also provided an opportunity
for international oil prices denominated in US dollars to rise.
That week, Iran said it would fully respond to U.
S.
sanctions, which further aggravated
concerns about the situation in the Middle East and crude oil supplies.
According to a report by the Islamic Republic of Iran News Agency on the 25th, Iranian President Hassan Rouhani called on Iran to strengthen domestic unity in response to US sanctions
.
Rouhani said that the current international and regional situation is at a critical juncture, and it is very important
to maintain domestic unity and stability.
"We must unite and resolutely thwart the intrigues and tricks of hostile forces
.
" On May 8 this year, US President Trump announced his withdrawal from the Iranian nuclear agreement and restarted sanctions
against Iran.
On August 7, the United States reopened sanctions on a series of non-energy sectors such as finance, metals, minerals, and automobiles in Iran, and will restart the remaining sanctions
on November 5.
Light crude futures for October delivery rose $0.
89, or 1.
31 percent, to settle at $68.
72 a barrel on the New York Mercantile Exchange by the close of the last trading day of the week
.
London Brent crude futures for October delivery rose $1.
09, or 1.
46%, to settle at $75.
82 a barrel
.
