CPT MarketsWorries about weak demand enveloping the market have caused oil prices to shift from rising to falling! Day Pass...

Brentcrude oil (Brent Oil)：

Brent crude oil, after a significant decline in Monday's closing, fell to82.68Nearby, due toOPEC+As expected, oil producing countries have extended their voluntary production cuts until mid year, while US oil prices have risen by nearly1%However, demand concerns subsequently overshadowed the market, causing oil prices to shift from rising to falling.

In terms of bearish data, the International Energy Agency's forecast shows that if the alliance wants to prevent the global market from falling back into surplus, it may need to adhere to annual production restrictions. Other forecasters such as Standard Chartered Bank believe that demand will be strong enough,OPEC+We will relax production cuts and resume production.OPEC+Cooperation among member states is far from guaranteed. When the energy transition begins to erode demand growth, they must weigh how long oil can still be extracted. The United Arab Emirates currently has a large amount of idle production, and the country has been eager to monetize its capabilities, having previously clashed with Saudi Arabia over its recognized rights. Then there is Iraq, which, while seeking income to rebuild its economy, once looked down upon it with contemptOPEC+The production quota, despite its promise to do better. However, New YorkAgain Capital LLCpartnerJohn KilduffIndicating that althoughOPEC+The news has been announced, but the end of the warm winter in the northern hemisphere is putting pressure on oil prices. We need sustained demand for heating oil to maintain the operation of comprehensive facilities, and discussions about the Gaza ceasefire are also putting pressure on oil prices.

In terms of Lido data, the Organization of the Petroleum Exporting CountriesOPECComposed of its alliesOPEC+Transform it22010000 barrels/The voluntary oil production reduction plan for Japan has been extended to the second quarter to support oil prices amidst concerns about global economic growth and rising production from countries outside the alliance. Macquarie MacquarieEnergy StrategistWalt ChancellorAs market expectations for extensions have recently become more apparent,OPEC+Delayed production cuts may have been increasingly priced, and it has been stated that due toOPECThe loading capacity looks stable, andOPECThe total supply may indicate that the incremental voluntary production reduction implemented in the first quarter has little impact, so we believe that the extension of broader organizations will not have a particularly significant impact.

Overall, oil prices are influenced by a balance between demand concerns and supply risks. Although negative factors such as economic weakness in multiple countries and supply risks caused by tensions in the Middle East offset each other, the market expects Brent crude oil prices to temporarily stabilize at80dollar/Barrel left and right. With the growth of demand, the oil market will face a tense supply-demand situation, and it is expected that Brent crude oil prices will rise by the end of this year90dollar/Bucket.

Press from above(Upper resistance) 82.60，83.00； From the downward direction, the lower support82.20。

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.