Gold prices fall! On February 11, 2022, the price of gold in major gold stores is one gram

From 24 February 2022 (next Thursday), The window for adjusting the price of refined oil products in China will soon open.

According to the data of the 6th working day before the domestic refined oil price adjustment on February 10, WTI was 89.88 US dollars / barrel, Brent was 91.41 US dollars / barrel, and the change rate of refined oil products was 3.29%. The price of refined oil products is expected to rise by 145 yuan / ton.

International oil prices were generally stable on Friday (February 11), and although hot inflation in the United States has sparked concerns about aggressive interest rate hikes by the Federal Reserve and the prospects for the U.S.-Iran talks are positive, the momentum of the recovery in global demand has limited the downside for oil prices.

At 16:46 Beijing time, NYMEX crude oil futures rose 0.20% to $90.06 / barrel; ICE Brent crude oil futures rose 0.03% to $91.44 / barrel.

Warren Patterson, head of commodity research at ING, said: "Yesterday's inflation data is likely to put more pressure on the Fed to take more aggressive action on rate hikes. This expectation is somewhat stressing crude oil and more commodities. Moreover, the Iran nuclear talks appear to be making progress, another factor dampening the rise in oil prices. ”

The U.S. annual inflation rate, released overnight, hit its biggest year-over-year increase in 40 years. St. Louis Fed President Bullard then said he hoped to raise rates by a percentage point by July 1. After Bullard's speech, the probability of a 50 basis point rate hike by the Fed in March rose to 62 percent from 30 percent later on Wednesday (Feb. 10).

Investors have also been watching indirect talks between the U.S. and Iran to revive the nuclear deal, which resumed this week after a 10-day hiatus. A deal would lift sanctions on Iranian oil, thereby easing the global supply crunch.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) said that global oil demand could rise more sharply this year as the global economy recovers strongly from the pandemic. The organization forecasts that global oil demand will increase by 4.15 million bpd this year.

Commenting on the outlook for demand in 2022, the OPEC report said: "Based on the strong economic recovery observed continuously and the fact that global GDP has reached pre-pandemic levels, the upside potential for oil prices is expected to prevail." Most of the world's economies are expected to grow strongly, and the short-term outlook for world oil demand is certainly bright. ”

OPEC expects global consumption to exceed 100 million bpd in the third quarter, in line with last month's forecast. OPEC believes that the impact of the Omilon coronavirus variant will be mild, and its negative impact on the economy will not be as great as the previous strain. According to OPEC data, the last time world oil demand exceeded 100 million bpd was in 2019.

The OPEC report also said that production in the organization's member states increased by only 64,000 bpd in January to 27.98 million b/d. Production fell in seven of the 13 member countries, including Venezuela, Libya and Iraq.

Edward Moya, senior market analyst at brokerage OANDA, said: "As the market's optimism about the Iran nuclear deal negotiations moving in the right direction and the currency market begins to digest the Fed's sharp interest rate hikes, the upward momentum of crude oil prices has been blocked in the short term, but the supply and demand situation in the oil market is still very tight, and the era of weak oil prices is difficult to reproduce." ”