Coincidentally, Russian President Vladimir Putin recently stated that Russia is not interested in the continued increase in oil prices. For Russia, the price of 60 US dollars per barrel is the fairest price. This may imNadex crude oil contract specificationsply that Russia is likely to accept the proposal to increase production.
But it is different for US crude oil. After all, the market has a lot of room for growth. Once abandoned, the United States is afraid that it will start to find another home for crude oil, but it may not be that simple to find an alternative market comparable to the market!
This has directly led to huge challenges in the supply of the crude oil market, which led to the formation of a pattern of rising crude oil. With the results of the OPEC meeting, China Oil.com has mentioned that although the meeting ended and the market’s worries were greatly eased, at this time It was mentioned that a new hidden danger is gradually threatening the crude oil market, and that is Trump's trade conflict.
Mahan Airlines is within the scope of U.S. sanctions, and Germany’s decision is considered to be under pressure from the United States. Because the German government had previously denied that it would sanction Mahan Airlines. The market is worried that this German approach is likely to allow other European countries to follow suit.
Analysts believe that from the current point of view, crude oil seems to have bottomed out, and OPEC's production increase last Friday is far from the market's expected target, so crude oil immediately experienced a surge of close to 4 US dollars after the opening of the US market last Friday. However, the overall increase in production was not as good as expected, and oil prices were soaring, and the market bulls performed strongly. The 4-hour Bollinger Band opens up and is near the upper rail, which is at risk of callback.
U.S. crude oil imports from other parts of Asia are also increasinNadex crude oil contract specificationsg. Taiwanese oil refinery CPC, CPC, purchased 7 million barrels of crude oil to be shipped in June and July. Thailand’s US crude oil imports will increase to at least 2 million barrels.
US President Trump announced on May 8 that the United States would withdraw from the comprehensive agreement on the Iranian nuclear issue and restart sanctions against Iran that were exempted by the Iran nuclear agreement. The first batch of sanctions will take effect in early August, and sanctions involving Iran’s oil industry will take effect this month.
Since this pricing cycle, although the impact of the Iran nuclear agreement on the crude oil market has weakened, investors still have concerns about Iran’s sanctions, which have played a supporting role in crude oil futures prices. Furthermore, according to reports released by OPEC and IEA, global crude oil inventories are close to the average level of the past five years, and the crude oil market will continue to remain in a tight state, and the decline in crude oil inventories is expected to accelerate. Under the influence of the above news, European and American crude oil futures fluctuated higher during this pricing cycle.