Russia reiterated that no cuts, a stronger dollar, the impact of Iranian crude oil, global oversupply leading to lower oil prices on Monday.
Monday (September 7) Since the US Labor Day holiday, trading was very thin financial markets. Russia reiterated that no cuts, a stronger dollar, the impact of Iranian crude oil, global oversupply leading to lower oil prices on Monday.
US October crude oil futures prices closed Monday down $ 1.78, down 3.87%, reported $ 44.27 / barrel; October Brent crude futures closed down $ 1.87, down 3.76%, reported $ 47.74 / barrel.
Crude oil price fluctuations, but more intense, fell more than 3 percent on Monday, the outlook is still bearish market.
Russian oil company Rosneft CEO IgorSechin said Monday that Russia will not cut. He also said that Russia has no intention to become a member of OPEC, there are technical differences in crude oil extraction in Russia and OPEC;
Most of Russia's crude oil market is privatization, and OPEC members vary.
Last week, Russian Deputy Prime Minister also said that Russia can not ArkadyDvorkovich artificial production.
Last month, Venezuela contact other OPEC members, requesting an urgent meeting. A representative of OPEC members, "said Venezuela was really worried that failure to take action, oil prices will fall further. But they also understand, OPEC itself can not help much, need to cooperate with oil-producing countries outside of OPEC."
BjarneSchieldrop SEB chief commodities analyst, said: "European stock prices have not been rising, base metals strong deterioration United States on Friday to boost the declining number of wells."
Continued strong US dollar since the end of August to which oil prices had a negative impact. Because the dollar's strength means that holders of crude oil to non-US currencies becomes more expensive.
Chinese stock markets closed lower on Monday as investors in the coming week before Chinese sentiment cautious monthly data released on Tuesday, August import and export data released material is unlikely to provide much comfort. CIBCWorldMarkets head of FX strategy JeremyStretch said, "Despite some weakness in the Chinese stock market, but not many people fear that the collapse of the previous."
Crude oil prices continued weakness in the industry to make fewer jobs. British Petroleum and Natural Gas Authority, said on Monday that starting from the end of last year, the British North Sea oil and gas industry has cut 5,000 jobs.
Barclays analysts said, due to oversupply, the market is still in an unstable phase. And Japan's recent decision to re-enable the part of nuclear power plants also weighed on demand for crude oil produced. Barclays expects Japan to restart the three nuclear reactors in 2020 if, when daily demand for crude oil will be reduced by 8 million barrels a day.