Crude oil prices rose by 2% last week, making it unlikely that oil prices will change much during the US market this week. Baker Hughes' data last FridaAbout crude oil tradingy showed that the number of US rigs remained unchanged at 747. At the same time, on Monday, Ineos Group stated that the repair of the North Sea Forties pipeline system has been completed and is currently undergoing pressure testing. At the beginning of February, the closure of this pipeline line once pushed up oil prices.
Since the sharp drop in oil prices last week, the trend in oil prices this week has been relatively quiet. Although the U.S. oil rebounded in a short period of time due to the deteriorating U.S.-Saudi relations, the rate of increase is still relatively limited. This is because with the continuous decline in Iranian crude oil production and the advent of winter demand peaks, the market supply gap is gradually expanding, which has prompted the United States to seek OPEC production increases to make up for the shortfall in production.
If the situation really develops in this way, then the pace of reduction in crude oil production will be temporarily shelved, and the entire market will again enter the rhythm of increasing production in oil-producing countries for a period of time. This will be a fatal blow to crude oil prices. Therefore, before this June OPEC meeting, although the crude oil market is filled with a strong bearish atmosphere, oil prices have indeed continued to fall, but they will not completely die. If the OPEC meeting in June announces an increase in production, the market may have to prepare for oil prices to fall back to $60 or even lower.
Although crude oil speculation can be used for small gains, investors still need to have a certain degree of economic capacity to resist investment risks. Investment is not a gambling behavior that weighs on all household assets. Therefore, before deciding to speculate crude oil, they still need to consider their own economic conditions. If the funds invested do not affect your normal life, make plans.
In addition to Saudi oil is too expensive, large imports of Russian crude oil can promote the internationalization of the renminbi. Because Russia is expected to abandon the dollar-denominated value of oil exports, and instead adopt the yuan-denominated settlement, which will help promote the internationalization of the yuan.
The continuous trade friction with the United States may also have an impact on the demand for crude oil. Since the beginning of April, the United States has levied taxes on US$50 biAbout crude oil tradingllion of products, and subsequently imposed an additional US$100 billion in tariffs, and subsequently issued relevant policies in response. This has made the market worried that the largest crude oil importer may reduce the impact on the United States. The import of crude oil has put pressure on oil prices.