Crude oil ** rose

Oil prices rose by more than $2 on Tuesday and rose for the second day in three days. Therefore, the previous data showed that the growth rate of the US economy in the third quarter was the fastest in 11 years, consolidating crude oil demand expectations.

The market expects US crude oil inventories to decline by more than 2 million barrels last week, which also has support for oil prices. The American Petroleum Institute (API) will release last week's inventory data at 2130GMT.

New York's early oil prices resumed their upward trend in Asian and London trading hours after an initial decline. After the United States announced stronger-than-expected gross domestic product (GDP) data, the oil price rose rapidly, with an increase of about 3%.

The third quarter of the US economy grew at the fastest rate in 11 years, and was revised up to 5% from the annual rate, which is the strongest proof of the apparent growth of the US economy so far.

Traders are expected to bottom out after oil prices hit a five-and-a-half-year low last Thursday. Driven by strong U.S. GDP data and US stocks, the Brent Crude Oil and U.S. crude oil traders marched in pre-holiday quiet trading. Rebound.

Brent crude ** rose 1.58 U.S. dollars to 61.69 U.S. dollars and settled to 62.14 U.S. dollars.

The U.S. crude oil futures contract settled higher by 1.86 U.S. dollars, to US$57.12 per barrel, and rose to US$57.56 after settlement.

"I'm surprised that the price of oil has risen so much. Although the GDP data is good, there hasn't been any change in the oil market fundamentals," said Joseph Posillico, senior vice president of Jefferies Energy.

Representatives of the Organization of Petroleum Exporting Countries (OPEC) said this week that OPEC oil-producing countries in the Arab region expect global oil prices to rebound to 70-80 dollars per barrel by the end of next year. This is OPEC's first voice at what price level will stabilize in the middle of the oil market.
Oil prices regained their losses on Monday and fell after the largest daily gain in more than two years in the previous day. Prior to this, Saudi Arabia’s oil minister said that OPEC would not cut production no matter how low oil prices fell.

Since the end of the week, several oil ministers of the Gulf OPEC member states reiterated that although oil prices have fallen by half since June and they have no intention of intervening in the oil market, Saudi Arabia’s Oil Minister Ou Naomi said in an interview with the Middle East Economic Survey (MEES). "Regardless of the level of oil prices, it is not in the interests of OPEC member countries to cut production." This is the most hard-fought speech by the European Union since the collapse of oil prices.

The U.S. crude oil futures contract settled down 1.87 U.S. dollars, or 3.3%, to 55.26 U.S. dollars per barrel, and fell 2 U.S. dollars earlier, to a daily low of 55.13 U.S. dollars. The contract closed up nearly 5% last Friday, the largest one-day increase since August 2012, as some traders profited from their short positions after prices hit a five-year low.

Brent crude oil ** fell $1.27, or 2%, to $60.11 a barrel, down from $59.84 a day.

The Saudi Arabian newspaper al-Hayat on Monday quoted the country’s oil minister, Ou Na Mi, as saying that the country is ready to increase production to expand its market share to meet the needs of any new user. Anaheim stated that we "may not be able to" see oil prices return to the level of $100 a barrel. At the meeting in Abu Dhabi at the weekend of the weekend in Anaheim, “It is better for the most efficient producers to produce oil.”

"Saudi Arabia seems to be continuing its strategy of keeping prices down. They insist on not reducing production and said that if Saudi Arabia can sell crude oil to more buyers at any price it accepts from acceptance, Saudi Arabia will increase production," New York Energy Hedging **gain Capital Partners John Kilduff said.

"It seems that the Saudi side is implementing a full-scale production strategy and intends to eliminate all weaker players that cannot survive when oil prices drop below 60 or even 50 US dollars per barrel."

The drop in oil prices to less than US$60 has caused many oil drilling companies to reduce their exploration expenditures in 2015 and postpone or even cancel drilling plans.

Petrol ** also fell, almost completely erased the 2% gain recorded on Friday, which was the largest one-day increase in October.

Heating oil ** performed relatively well, dropping only about 0.6% as natural gas plummeted by more than 9% to a 22-month low.