CPT MarketsMultiple institutions expect optimistic oil market demand to support oil prices! Within the day...

Brentcrude oil (Brent Oil)：

Brent crude oil closed slightly higher on Monday and rose to86.25Nearby, due to multiple institutions predicting tight supply and rising demand, oil prices have gained upward support.

In terms of multiple factors, ChevronChevronChief Executive OfficerMike WirthAt Cambridge Energy WeekCERAWeekAt the meeting, it was stated that the oil market and logistics are very tight and vulnerable to any unexpected supply disruptions, as Russian oil is still entering the market but at different costs. Meanwhile, the trading company GongwoGunvorCEO ofTorbjorn TornqvistSays that as Chinese demand returns to the market, crude oil prices may rise in the second half of the year, and adds that the oil market has stabilized. In addition, the US stock market generally closed higher, including the S&P index rising to0.08%And the Dow Jones Industrial Average closed higher0.12%。

In terms of bearish factors, according to ship tracking data and trade sources, the United Arab Emirates has been receiving more Russian crude oil shipments, which is another example of Western sanctions on Russia changing traditional energy trade flows. This development also highlights the continuous strengthening of cooperation between Russia and major oil producing countries in the Gulf region, such as Saudi Arabia and the United Arab Emirates. The Gulf Arab countries have been resisting pressure from the United States. The United States demands that Gulf countries cooperate in isolating Russia and produce more oil to help replace Russia's supply after Russia is subject to Western sanctions. In addition, yesterday, according to Consumer News and Business Channel in the United StatesCNBCReportedly, two senior officials familiar with the matter stated that the United Arab Emirates currently does not intend to withdrawOPEC。

In summary, oil prices have been boosted by several institutions' expectations of strong demand in the oil market, but the United Arab Emirates is adding more Russian crude oil and currently has no intention of exitingOPECLimiting the rise of oil prices; The focus of the day will be on Federal Reserve Chairman Powell's semi annual monetary policy testimony andEIAreport

Press from above(Upper resistance) 86.20，86.70； From the downward direction, the lower support85.80。

CPT MarketsRisk Tips and Disclaimers : The above article content is for reference only and is not intended as future investment advice.CPT Markets The articles published are mainly based on international financial data reports and international news as reference.