Standard Crude oil trading analysis& Poor’s global economists and Federal Reserve economists said that despite the increase in gasoline spending, overall, the U.S. economy’s current oil dependence is lower than in the past, so the $70 oil price will have a greater impact on economic growth than in previous years. Ease.
Due to market speculation that the United States will ease sanctions on Iran in order to reduce domestic gasoline prices, supply concerns that pushed crude oil to a four-year high last month have subsided. OPEC also pledged to offset any supply gaps. The Saudi-led team will gather in Abu Dhabi this weekend because they will face a new round of American shale oil and may release new surplus production capacity in 209.
The non-agricultural and oil drilling data released on Friday continued to be negative for spot crude oil prices. However, the spot crude oil prices did not show a large drop on Friday. Instead, they rose in the market outlook. And when the big data came, the spot crude oil market was Although the trading volume is very urgent, it is not very large. It seems that the main funds did not choose to deploy during the data period, or on Wednesday, the main funds have completed their first deployment.
After the cloth oil really rose to US$80, the market began to sound like oil prices of US$00 one after another. Russia began to express different opinions. Putin said on Friday that the oil price level of slightly higher than $60 is a balanced price.
As the OPEC Vienna Summit approaches, the market believes that member states tend to reach an agreement on increasing production. Most of the participating countries believe that production needs to be increased, and the increase in production is close to 0 million barrels per day, which puts oil prices under pressure. An OPEC representative said that member states and non-member states are still discussing four possible options for increasing production, including plans to increase production by 0 million barrels per day, 500,000 barrels per day, and 800,000 barrels per day. Saudi Arabia has issued warnings about supply shortages and rising prices, and Iran’s slack attitude has greatly increased the possibility of increased production. Previously, the market predicted that OPEC might decide to increase production by 0-600,000 barrels per day, and once the increase in output exceeds 0 million barrels per day, it will undoubtedly cause a heavy blow to oil prices.
Moreover, Mnuchin also said that oil buyers can also be exempt from sanctions. You must know that Japan and India have repeatedly sought immunity from the United States, and the United States has always rejected them. However, Mnuchin also put forward the condition that in order to obtain the exemption, the purchase of Iranian crude oil must be reduced by morCrude oil trading analysise than 20% of the 20-20 purchases during the Obama administration. Mnuchin said: I hope that if we grant exemptions, the purchase of Iranian oil will be greatly reduced.