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Due to the easing of tensions in the Middle East exceeding expectations of global supply chain tightening, Brent crude oilfuturesMonday fell more than 1%, falling below each barrel90 USD. In response to the growing international pressure, Israel has withdrawn more military forces from the southern part of Gaza, and the tense situation has significantly eased. In addition, the resumption of peace talks between Israel and Hamas in Egypt will help further quell the previous surge in oil prices.
Despite the relief from geopolitical turmoil, the tight supply side remains a concern. Saudi Arabia, the largest exporter of crude oil5The official selling price of all crude oil exported to Asia has been raised to reflect the global market shortage. At the same time, there were reports of a public security accident where a fire broke out on an offshore platform operated by the state-owned Mexican National Oil Company, resulting in the death of one contractor and multiple injuries.
On the demand side, the better than expected US employment data released last Friday boosted the future expectations of the world's largest oil consuming country. Investors are now looking forward to the latest inflation data from the United States and China this week, which may increase the pressure on the market.
(Brent crude oil monthly chart)
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