CPT MarketsSaudi Arabia's price reduction exacerbates demand concerns, causing oil prices to plummet more than3%! Intraday convergence...

Brentcrude oil (Brent Oil)：

Brent crude oil opened today for consolidation after a significant decline in Monday's closing75.99Nearby, due to significant price reductions in Saudi Arabia, the largest exporter, andOPECThe increase in production offset the supply concerns caused by the escalation of geopolitical tensions in the Middle East, and the international crude oil settlement price fell by more than3 %。

In terms of bearish factors, increased supply on Sunday and competition from rival producers prompted Saudi Arabia to shift its flagship product, Arab light crude oil, to Asia 2 Official selling price of the monthOSPDown to 27 The lowest level in months. The market generally believes that the decline in crude oil prices is due to Saudi Arabia's larger than expected reduction in official oil pricing in Asia, which has strengthened the signs of weakness in the spot crude oil market. The data also shows that prior to Saudi Arabia's decision, oil market fund managers significantly increased their short positions in Brent crude oil and West Texas medium crude oil, with an increase of2017The second highest since the beginning of the year. Previously, the market generally believed that interruptions in oil supply from Libya and ongoing attacks in the Red Sea region could drive up crude oil prices. But Wall Street expects oil prices to face more bearish challenges in the future, and now major banks have lowered their oil price expectations for this year. Francisco, Global Head of Commodities and Derivatives at Bank of America?Blanche said that there is a lot of supply, but demand is slowing down, and our interest rates have risen significantly, which has indeed slowed down economic growth. I think these factors combined have led to a decline in oil prices.

Meanwhile, the Libyan National Oil Company announced on SundayShararaThe oilfield has encountered force majeure, with a daily production of up to30Ten thousand barrels, thereby easing the decline in oil prices. Oil market analysis providerVanda InsightsfounderVandana HariThe tense situation in the Red Sea is the only balancing factor for crude oil prices to succumb to bearish sentiment of weak global demand and rising inventory expectations, despite being relatively weak and intermittent.

Press from above(Upper resistance) 75.90，76.30； From the downward direction, the lower support75.50。

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.