The International Energy Agency (IEA) said Wednesday that US oil rose nearly $ 0.6 due to strong global demand and declining production of OPEC and other producers, global oil surges began to ease, and oil prices soared 48.77 US dollars / barrel; but earlier in the days of API crude oil inventories rose more than expected, so that the market worried.

The International Energy Agency (IEA) pointed out in its monthly report, “Based on the recent bet of investors, the market is expected to tighten, oil prices will rise, although the rally will be very gentle.”

IEA said, “demand growth continues to be stronger than expected, especially in Europe and the United States”; the agency’s global oil demand growth in 2017 is expected to increase from 1.5 million barrels / day to 1.6 million barrels / day.

The results of the assessment echoed OPEC’s report on the growth in oil demand in 2018, indicating signs of tightening the global crude oil market.

The US Energy Information Administration (EIA) has also revised its forecast for US oil production in 2017 and 2018, partly reflecting the impact of Hurricane Harvey.

German commercial banks said in a note that OPEC and EIA reports are a surprise and should really support oil prices; but that also means that if you want to ensure the balance of the oil market, OPEC must not increase production.

However, the German commercial bank pointed out that it is difficult to achieve, because OPEC member countries Libya and Nigeria did not agree to cut production.

Market concerns about rising US crude oil inventories continued

US Petroleum Institute (API) reported on Tuesday, as of September 8 the week, US crude oil inventories increased by 618 million barrels to 4.888 million barrels, an increase of almost twice the analyst expectations.

Analysts said that due to the impact of the two hurricanes – Harvey and Irma, the next few weeks, US stocks inventory data may not give a comprehensive reflection.

September 11, the US regional ethylene market closing price rose 4.5 US dollars / ton, FD US Gulf prices closed at 678-688 US dollars / ton.

September 11 European p-xylene market closing price fell 18.5 US dollars / ton, the closing price of 762.5-764.5 US dollars / ton FOB Rotterdam

September 11, the United States WTI crude oil futures rose in October, reported 48.07 US dollars / barrel, or 0.59 US dollars. Brent crude futures rose in November, reported $ 53.84 / barrel, or 0.06 US dollars.

LME zinc and other base metals rebounded on Monday as investors rallied after Friday’s sell-off, and China’s strong economic data also supported the market.

But analysts said the base may still face a deep correction, since early June to early September rose since.

Robin Bhar, head of metal research at Societe Generale in France, said the market was still cautious, mainly because it was bargain-hunting to push up the market.

Bhar said the metals are expected to fall 5% -10% from the recent highs in the coming weeks or months.

Saturday released the Chinese data to support the market. Data show that China’s August inflation data are more than expected, CPI rose a seven-month high, one year to maintain positive growth PPI also hit a four-month high.

Three-month zinc rose 2.3 percent to $ 3,102 a tonne, down 3.1 percent on Friday.