The global trade conflict has risen sharply, and the market is payingCrude oil market chart close attention to how countries will solve this problem at the G7 summit. If trade uncertainty remains high after the G7 summit, the U.S. dollar may be under pressure, and the market may regain its safe-haven buying demand for gold, silver and crude oil.
Crude oil prices surged over the U.S. dollar overnight due to a retaliatory rebound in OPEC's production increase less than expected. But behind the skyrocketing increase, crude oil investors need to be wary of rising oil prices and falling prices, because Russia and other oil-producing countries insist on increasing production, which is negative for crude oil prices in the long term.
In summary, the seasonal growth in demand is approaching, and a variety of supply-side risks support oil prices to continue to rise. As Saudi Arabia has said recently, the outlook for crude oil may rise to $00. The data shows that oil prices are likely to perform well in May. Breaking through the resistance at the technical level increases the upside risk. Chartists believe that crude oil may continue to rise in May. Long crude oil is still the best choice.
According to foreign media reports, on Friday, June 5, the White House released the final list of tariffs on China. Foreign media reported that with the unanimous approval of the Cabinet, the Trump administration will announce a new 25% tariff on goods worth $50 billion as early as June 5.
The oil sands facility near McMurray caused a power outage due to an explosion. This is currently the largest facility in the world, with a daily oil output of about 50,000 barrels. The closure of the facility will restrict the delivery of crude oil to Cushing, Oklahoma, causing a further decline in Cushing inventories in the United States. It may also lead to a shortage of oil supply in North America throughout July.
API data also showed that the daily refining capacity of the refinery decreased by 209,000 barrels, indicating that crude oil demand is declining. Gasoline inventorieCrude oil market charts increased by 900,000 barrels. The official EIA data of the US Energy Information Association will be released later on Wednesday.
According to data released by Hughes on Friday, April, the number of active oil rigs in the United States increased by 7 to 85 in the week of April. It has recorded growth in 0 weeks in the past two weeks, setting a new monthly high in 205 years. The total number of wells in the United States during the same period last year was 847. More data shows that the total number of active oil and gas drilling in the United States increased by 5 to 008 in the week ending April.