U.S. dollar crude oil

U.S. dollar crude oil

The well-known financiaU.S. dollar crude oill blog site Zerohedege commented that although geopolitical risks seem to be dissipating, WTI crude oil and RBOB gasoline futures rebounded today, supported by OPEC’s possible extension of its production reduction agreement, and rose further after the release of API data. API data shows that the US crude oil, gasoline, refined oil, and Cushing oil all recorded declines during the week. In addition, Bloomberg pointed out that the Canadian province of Alberta plans to reduce the transportation of crude oil and fuel in British Columbia, which may affect the entire west coast of North America, leading to soaring oil prices and changing the flow of international crude oil.

According to the report, the United States asked its allies to reduce Iranian oil imports to zero before the 4th of the month, driving WTI crude oil soaring to above the $70/barrel mark, setting a new one-month high. Previously, US sanctions required Iranian crude oil importers to reduce Iranian crude oil imports by 20% every six months. Now the requirements are much stricter.

Goldman Sachs predicts that Midland Midland oil price cuts will expand from around $9/barrel this month to $5/barrel to $7/barrel in most of 209. Goldman Sachs said that when the current series of pipeline projects go online, the spread will disappear in 2020, but before then, the problem will become more and more serious.

Baker Hughes, an energy services company under General Electric, said on Friday that the number of active drilling rigs in the United States increased by two in the week ending June 1st, to 86, the highest since 205 months. This is the eighth increase in the number of rigs in the past nine weeks.

As investors, you should not expect any data to have the same volatility. Any data has low and peak seasons. We must pay attention to the data but do not rely on the data. We should have our own principles and methods of ordering and trade rationally.

But analysts believe that in order to support reforms and the state-owned energy giant Saudi Aramco to go public within this year, Saudi Arabia may prefer to maintain high oil prices. The International Monetary Fund (IMF) also recently estimated tU.S. dollar crude oilhat Saudi Arabia needs to maintain oil prices at around US$88 per barrel to achieve a balanced budget.

On Wednesday, May 2nd, international crude oil futures prices rose. The International Monetary Fund threatened to expel Venezuela’s membership, which aroused concerns about the decline in Venezuelan crude oil production.