Industrial Investment Crude Oil Weekly Review: Crude Oil Ends Down After Broad Volatility Welcome the impact of crude oil monthly report this week

Industrial Investmentcrude oilWeekly review: crude oil closed lower after a wide range of fluctuations Welcome the impact of crude oil monthly report this week
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International oil prices closed lower last week after a wide range of fluctuations, despite concerns about global crude oil supply disruptions, easing trade conditions, and multiple positive factors such as the continued decline in crude oil inventories in the Cushing region, which once boosted oil prices;However, tensions in the Middle East have eased and concerns about increased supply have resurfaced, coupled with the strengthening of the US dollar, which has brought negative effects and ultimately suppressed the mild decline of oil prices. U.S.AWTI 9Monthly crude oilfuturesAccumulated decline throughout the week0.29%to68.49dollar/bucket;Brent10Monthly crude oil futures have fallen all week1.34%to73.21dollar/Bucket.
Crude oil futures hit a two-week high at the beginning of last week, as concerns about global crude oil supply constraints, easing trade conditions, a decline in the US dollar, and strong US summer crude oil demand provided effective support for oil prices. With the resumption of US sanctions against Iran and the escalating verbal war between the two countries, investors are concerned about the tension in the Middle East region.
However, tensions between the United States and Iran turned around on Tuesday, suppressing the decline in oil prices during the week. On the one hand, US President Trump's proposal to hold talks with the country's leaders has led the market to speculate whether the US will soften its stance on Iran's sanctions issue, thereby increasing Iran's crude oil supply once again;On the other hand, the Yemeni anti government Hussein armed forces supported by Iran have stated that they will consider suspending attacks on passing ships in the Red Sea area. meanwhile,OPECThe news that Russia is steadily advancing its production increase plan has also increased the downward pressure on crude oil. According to foreign media reports, Saudi Arabia7Monthly crude oil production is approximately102910000 barrels/The daily supply is approximately103810000 barrels/Continuing to steadily grow in Japan;And Russia is also preparing to continue increasing production. at present OPECThe implementation rate of production reduction in other countries is approximately110%There is still room for further production reduction, which has increased concerns about the crude oil supply side.
However, oil prices are not about to collapse,EIAThe report stated that crude oil inventories in the Cushing region of the United States continued to decline, boosting the confidence of oil bulls, and oil prices rebounded again on Thursday.EIAAccording to the published data, as of7month27The inventory of Cushing crude oil in Oklahoma decreased during the current week133.8Ten thousand barrels, continuous11Weekly Record Decline;Meanwhile, domestic crude oil production in the United States has decreased1010000 barrels to109010000 barrels/Day, create6month1The recent low. Analysts expect that crude oil inventories will end their upward trend next week, while the United States5The monthly production data for the month has decreased, indicating that production may be suppressed later this year. As the weekend approaches, oil prices have gently declined again, and Saudi crude oil production has steadily increased, offsetting the positive impact of the decline in US oil drilling. At the same time, the continued rebound of the US dollar and the possibility of slowing Chinese demand have also put pressure on oil prices.
From the weekly trend, the decline in crude oil is not significant due to the intense interweaving of long and short forces in the oil marketOPECThe increase in production is a concern, while the US crude oil market is mixed,EIAInventory has increased, but inventory and crude oil drilling in the Cushing area have decreased. In the short term, oil prices will continue to fluctuate and await guidance from more sources. Investors will continue to monitor the progress of the international situation and crude oil inventory reports this week;In addition,EIAThe monthly short-term energy outlook report will be released,IEAThe monthly crude oil market report will also be released on Friday, which will trigger fluctuations in oil prices.
Technically, US crude oil futures closed lower after a wide range of fluctuations last week, recording a thin shadow candle with up and down shadows. At present, the opening of the Poly Plus channel on the weekly chart is leveling out,RSIMaintain near the centerline, with a neutral kinetic energy indicator. In the short term, oil prices will remain fluctuating in the range, waiting for more guidance from the news. The support level is66.90/67.00/66.70, resistance is70.40/71.00/72.00。
Brent crude oil futures closed down in warm weather last week, recording thin shadow candles with up and down shadows. Oil prices have been constrained in recent weeks by75.60-71.10Range, currently the kinetic energy indicator on the weekly chart is neutral, and only after effectively breaking through the resistance of the range can we clear the direction. The support level is71.80/71.10/70.60The resistance level is75.60/77.00/77.70。