Venezuelan President Mahro said the country has begun to use the yuan to replace the dollar for crude oil.

US President Trump in August announced the imposition of new sanctions on Venezuela, including the prohibition of US companies on the Venezuelan government and the national oil companies were issued, the payment date of more than 30 days and 90 days of new debt, securities transactions, while prohibiting a series of Venezuela Country-owned existing debt transactions and dividends paid by the Venezuelan government.

In response to the new sanctions imposed by the United States, Venezuelan President Mahduro also announced that it would use the currency, euro, yen and other currency baskets in international payments, thus freeing the country from dependence on the dollar. Foreign media that this move is in the positive US sanctions.

Venezuela’s oil ministry on Friday listed September yuan-denominated oil prices, including the first few weeks and the first few months of dollar-denominated oil prices. The Venezuelan government has ordered oil traders to stop accepting or initiating dollar payments.

Venezuela, the world’s largest oil reserves, is a blow to the dollar, regardless of progress, even if the current global oil market is still overwhelmingly trying to trade dollars. In the case of

Over the past two years, Qatar and China have traded in RMB worth $ 86 billion and have signed an agreement with China to encourage further economic cooperation.

Russia has also begun to accept RMB payments in 2016, becoming China’s largest crude oil partner, and repeatedly surpassed Saudi Arabia as China’s largest importer of crude oil. Earlier this year, Iran also gave up the dollar in response to President Trumb’s travel ban. The position of the renminbi in the international oil market is becoming more and more important.

US WTI October crude oil futures electronic prices Friday (September 15) closed up 0.11 US dollars, or 0.22 percent, to $ 49.83 / barrel. This week the contract rose nearly 5%, is the last two months of the strongest weekly performance; due to increased demand for crude oil, and the United States refinery to resume production.

At the same time, ICE Brent crude oil futures in November closed up 0.2 US dollars, or 0.36 percent, to $ 55.48 / barrel. This week rose for the third consecutive week, up 3.3%, the largest weekly increase since the end of July.

Anticipated demand for crude oil is expected to increase

The Organization of Petroleum Exporting Countries (OPEC) is expected to see growth in 2018 this week, pointing out that global oil markets have signs of tightening, showing that a cut-off agreement with non-OPEC countries has helped to ease oversupply.

Previous reports from the International Energy Agency (IEA) reported that oversupply was declining due to strong demand in Europe and the United States, as well as lower OPEC and non-OPEC production.

Tradition Energy market research director Gene McGillian said it boosted the market and attracted new speculative bulls. In order to maintain the current high oil prices, the need for continued growth. McGillian pointed out that the weak demand in the fourth quarter may prompt traders to withdraw from long positions.

Baker Hughes oil drilling number drop

Energy companies this week to reduce the number of active rigs for the largest since January, which is the future output of the previous indicators. Due to weak oil prices, up to 14 months of drilling recovery trend stagnation.

Energy service company Baker Hughes said in a report closely that, as of September 15 the week, drillers to reduce the seven wells, the total number of wells fell to 749, the least since June.

Refiners return to good oil prices

Investors are also concerned about the further impact of US refineries on demand for crude oil after a disruptive production.

According to IHS Markit, as of Wednesday, 13 of the 20 affected refineries have been or are close to normal production capacity, and five more refineries are restarting or increasing production capacity.

HSBC Holdings analysts said that despite the disruption of US refinery production, but in 2017 will continue to be oil demand growth “strong” year, which is to support a key factor in rising oil prices.

HSBC Holdings to maintain the next year Brent crude oil were 65 US dollars / barrel and 70 US dollars / barrel of the estimated price.

British Petroleum chief executive Bob Dudley said oil prices will remain at $ 50-60 / barrel, as major oil producers are still doing

September 14, PTA US dollars cargo offer to 630-640 US dollars / ton, compared with the previous day price temporarily stable; PTA day tour supplier supply temporarily stabilized to 660-700 US dollars / ton, no transaction heard.

September 14, the United States WTI crude oil futures rose in October, reported $ 49.89 / barrel, or 0.59 US dollars. Brent crude futures rose in November, reported 55.47 US dollars / barrel, or rose to 0.31 US dollars.

KUALA LUMPUR, September 13 (Reuters) – Malaysia spot tin prices rose $ 50 at $ 20,750 a tonne on Wednesday. Volume of 30 tons, up 1 ton.