Ultima Markets[Market Hotspot] After the oil price bottomed out and rebounded, it took a break to consolidate

2month28On Wednesday, as investors digest US reservescrude oilAdditional messages andOPEC+ On the occasion of extending the expectation of production reduction,WTIcrude oilfuturesRevised to per barrel78.5USD. newestEIAThe report shows that US crude oil inventories increased beyond expectations last week419.9Ten thousand barrels. However, it is worth noting that this is better than API Reported 842.8 It's much less.

The surge in inventory levels is mainly related to the slowdown in the conversion process of refineries refining crude oil into end products. Looking ahead to the future, market traders eagerly anticipate that 3 Monthly OPEC+ The meeting will discuss extending the production reduction deadline.

Overall prediction is that oil producing countries will at least 6 Adhere to selective production restrictions before the ministerial meeting in the month. This measure aims to maintain a balance between supply and demand in the oil market.

In addition, other factors that lead to fluctuations in oil prices include the smooth ceasefire agreement between Israel and Hamas, as well as the attacks by the Houser armed group on Red Sea merchant ships, which bring additional risk premiums to oil prices due to geopolitical factors.

(WTI Half year crude oil chart)

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