June 29, the summit of EU leaders came news of the euro zone leaders agreed to take measures to support the euro area banking sector and to protect the euro, Italy and Spain, the cost of borrowing is expected to reduce. The news boosted the price of oil. However, this boost can be maintained remains to be seen.
London IC E Eurex August delivery Brent crude oil futures rose $ 6.44, to close at $ 97.80 a barrel, or 7.05 percent, marking the highest single-day percentage gain since April 2009. The New York Mercantile Exchange (NY ME X), light sweet crude for delivery in August rose $ 7.27, to close at $ 84.96 a barrel, or 9.4 percent, marking the highest closing price since three weeks, one-day percentage gain in hit its highest level since March 2009, this increase also record the history of the fourth high-single-day percentage gain.
However, due to the early decline in U.S. light crude oil and Brent crude still suffered the largest quarterly decline since 2008, the second quarter of this year, oil futures prices of the two quarter decline of nearly 20%.
From the crude oil supply and demand conditions, the demand side, demand for oil is in the 2008 financial crisis since the weak phase, global oil demand this year is still expected to be growth. The oil needs of China's economic growth will be offset by the decline in oil demand in developed countries. The supply side, Norway's oil supply will be reduced by 18%, however, from the North Sea oil supply is expected to reduce the impact of this factor. From July 1, the oil supply from Iran due to sanctions against the United States and Europe reduced Iranian oil buyers in Asia every day in the first five months of this year has been reduced at least 25 million barrels of oil imports, the United States also said that in the next six months will be exempted from all major buyers of Iranian oil sanctions against the sanctions from July 1 no. Excess of the oil market supply of this factor can not be embodied.
Iraq also said that if oil remains in surplus, OPEC will consider cutting oil production.
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