Saudi increases oil exports International oil prices fell 1.1%

As Saudi Arabia raised its oil exports, and the United States is considering releasing its strategic crude oil reserves, NYMEX crude oil prices closed lower on the 27th and ended the seven-day rally. NYMEX's April light and low* crude oil prices settled down 1.1% at $108.56 a barrel.

Although the oil market temporarily stalled, but many market participants still believe that tension in Iran will not soon ease.

NYMEX's April light and low* crude oil prices settled down 1.21, or 1.1%, to $108.56 a barrel. The ICE North Sea Brent crude oil contract fell 1.49 US dollars to 123.98 US dollars a barrel, a decrease of 1.2%.

The price of oil has risen for seven consecutive trading days before triggering investors to take profits. At the same time, Lagarde said at the G20 meeting that high oil prices not only constituted a ** for developed countries, but also for all countries. In addition, Moody's pointed out that the risk of default by Greece is still high.

Standard & Poor's, the international rating agency, announced that it will downgrade the outlook for EFSF from "development" to "negative," saying that EFSF may not be able to obtain sufficient funds to support its credit rating.

Tensions between Iran and Western countries and the improvement of the US economic outlook have been considered as the main drivers of the rise in oil prices. Traders expect that concerns surrounding the Iranian issue will continue to drive crude oil prices higher.

According to a report from Dow Jones Newswires on the 27th, the latest data show that the scale of speculative investment in the oil market by hedge funds and oil companies has risen and is now approaching the record high reached after the outbreak of the Libyan civil war in 2011.

However, some analysts warned that the oil market may see a correction. Many technical indicators show that the market is overbought.

The NYMEX RBOB gasoline** contract settlement price fell 2.45 cents to 3.1278 US dollars per gallon, a decrease of 0.8%. March heating oil ** contract settlement price fell 2.95 cents to 3.2864 US dollars per gallon, a decrease of 0.9%.