Last week, the main varieties of international oil prices rose by more than 4.5%

Last week, the major varieties of international oil prices rose more than 4.5%. According to media reports, both Saudi Arabia and Russia advocate the extension of a nine-month extension of the production reduction agreement between the Organization of Petroleum Exporting Countries (OPEC) and other oil-producing countries. Thanks to this news, the international oil price rose strongly.

During the most trading days of the week, international oil prices rose, and the last trading session touched the near-term high.

U.S. crude oil futures reached the highest level of 53.98 U.S. dollars since the beginning of March this week, with a weekly gain of 4.7%. The London Brent crude oil futures price hit a high of $60.53 in the week, the highest since July 2015 and more than 35% above the 2017 low reached in June. Weekly gains reached 4.6%, achieving a third consecutive week of gains.

The data shows that last week the United States increased its active drilling rig to 737, but this month it decreased by 13 and it was the largest decline since May 2016.

According to Bloomberg's column article, the fundamentals of international oil prices have been relatively balanced since June, and the International Monetary Fund’s upward adjustment of economic growth expectations has made oil prices bullish in the future.

In terms of international gold prices, the price of gold remained weak last week at the level of 1275 U.S. dollars a troy ounce.

In the first three quarters of this year, the US dollar index fell by about 10%, which is exactly the same as the rise in gold prices. This is considered to be a decisive factor in boosting gold's rise. However, since mid-September, the two have reversed their trends, and the dollar has recovered after bottoming out, while gold has dropped from the high of 1,360 US dollars per ounce to about 100 US dollars.

At present, more and more traders believe that due to the euro correction, the dollar will have much room for growth before the end of the year and will be the biggest negative factor in the price of gold.

In addition to the weakening of the euro, many favorable factors such as the regaining of domestic economic activity, the US dollar or interest rate increase in December, the election of the Fed chairman, and the new progress of the US tax reform will boost the performance of the US dollar for the rest of the year.

Statistics also show that gold prices have fallen in the fourth quarter in the past seven years. According to industry insiders, downward pressure on gold prices has increased significantly during the rest of the fourth quarter of this year.