New York oil price declines 3.9% week down 3.9%

"MarketWatch New York May 15," Beijing time May 16 early morning, the New York market, the main crude oil futures contracts fell nearly 4%.　　Fears of a rapid recovery in the global economy are on the rise, and economic stagnation means further declines in energy demand. As of Friday 2:30 (Beijing time Saturday 2:30 A.M.), the New York Mercantile Exchange's June oil contract fell 2.28 U.S. dollars, closing at $56.34, or 3.9%. The maximum value of the contract is USD 58.88, with a minimum of USD 56.07.　　The June contract also fell by about 3.9% per cent this week. The International Energy Agency said yesterday that the year-on-year decline in world oil demand is expected to hit a 1981-year high in the year. The IEA expects global demand in 09 to be reduced by 2.6 million barrels/day from 08.　　That figure is 200,000 barrels higher than the IEA's forecast last month.　　The IEA also said the April oil exporting Countries ' organization (OPEC) increased production, the first increase in OPEC in the past eight months. "The continued rise in oil prices has prompted OPEC to increase production in order to gain more from the rise in oil prices, which will cost other oil producers," La Brecte, the German commercial Bank, led by Barbara Barbara Lambrecht, said in a study. They further said: "A further decline in demand and an increase in OPEC supply may explain the problem of oil inventories that have continued to climb until recently." This has strengthened our judgment that the rise in oil prices over the past few weeks has been overdone, and it is expected that oil prices will need to be adjusted to around 55 dollars/barrel in the future. "Wall Street is more volatile today and the main stock index has turned down when the oil market in New York closes," he said. In the currency markets, the dollar has strengthened against the euro.　　Germany's latest economic figures show that the eurozone's largest economy has shrunk at least as fast as it has since 1970. In other energy futures in the New York market, the new formula gasoline contract fell 3.66 cents to $1.6871/gallon in June, down 2.1%, and the June heating oil contract fell 5.63 cents to $1.4384/gallon, or 3.8%. In addition, the gas contract fell 10.9 cents in June to $4.183/mbtu (million UK thermal units), down 2.5%.