Int'l oil prices surge significantly last week, hitting yearly record high

China

Int'l oil prices surge significantly last week, hitting yearly record high

2024-10-07 15:08 Last Updated At：20:27

International oil prices surged significantly last week, with the weekly gain reaching a yearly record high.

Last week, the West Texas Intermediate (WTI) for November delivery rose by over 9 percent, marking the largest weekly gain since March 2023. And Brent crude for December delivery increased more than 8 percent, marking the largest weekly gain since January 2023. On Sunday, oil giant Saudi Aramco increased its main oil price for Asian buyers in response to heightened market volatility.

The company raised the official selling price of Arabian light crude oil to Asian customers by 0.90 U.S. dollars, surpassing the previous market expectation of 0.65 U.S. dollars. This adjustment means the price per barrel is now 2.2 U.S. dollars above the regional benchmark level.

Regarding future oil price trends, the market is currently concerned about the potential destruction of Iran's oil facilities. Some analysts worry that Israel may retaliate by attacking Iran's export facilities or refineries.

The future trend of oil prices is closely tied to the situation in Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), as its daily crude oil output is approximately 3.2 million barrels, accounting for 3 percent of global production. This year, Iran's oil exports have risen to their highest level in recent years, reaching about 1.7 million barrels per day.

139th Canton Fair sees rise in buyer quality, market diversity: official

The 139th China Import and Export Fair, commonly known as the Canton Fair, is seeing steady, high-quality growth in buyer attendance with an increasingly diversified global market reach, an official from the China Foreign Trade Center (CFTC) said at a press briefing on Friday.

According to the CFTC, pre-registrations for the upcoming fair have surpassed 210,000, marking a 20 percent year-on-year increase. The new buyers mainly come from countries participating in the Belt and Road Initiative, with rapid increases also seen from regions including Latin America and Africa.

Zhu Yong, director of the China Foreign Trade Center, outlined the key characteristics of the pre-registered buyers and their procurement priorities.

"For the first time, professional buyers account for over 70 percent of total pre-registrations. These buyers have demonstrated robust demand for China's new, green and smart products, with electrical and electronic products, consumer electronics, and power and electrical equipment ranking as the top three categories for pre-registered purchasing intentions," she said.

Established in 1957, the Canton Fair is held every spring and autumn in Guangzhou, south China's Guangdong Province. As the longest-running comprehensive international trade event in China, it is widely regarded as a barometer of China's foreign trade. It has been successfully held for 138 sessions and has helped establish trade relations with more than 229 countries and regions around the world.

The upcoming 139th edition is scheduled to take place from April 15 to May 5, 2026.