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Brent crude oil hit the lowest level since January last day barrel.dollar, the contract has fallen more than % from its monthly high as an oversupply of refined oil products and slowing economic growth weaken the crude demand outlook.
Analysts said they expected oil prices to fall further in the short term as oversupply persists and demand growth stalls. However, some analysts said the current decline may be mild and they expect oil prices to rebound later this year.
After that, the market will balance out again, he added, adding that oil prices in U.S. dollars will mean this balance between supply and demand
The oil market has been plagued by oversupply for the past two years. From the beginning of this year to the beginning of the year, oil prices fell by 1% due to oversupply in the market. During this period, Brent crude oil once fell to around US$/barrel, a low over the year.
In the early morning of Wednesday (July 2019) Beijing time, data released by the American Petroleum Institute showed that U.S. crude oil inventories decreased by 10,000 barrels in the week as of October 30, compared with previous expectations of a decrease of 10,000 barrels.
Externally, U.S. gasoline inventories decreased by 0.0 million barrels, ending the continuous increase. U.S. crude oil inventories in Cushing increased by 0.0 million barrels, compared with the previous value of 0.0 million barrels.
National crude oil inventory data for the week said that although crude oil inventories continued to maintain their downward trend and decreased for the first week, the decline was less than expected. In addition, gasoline inventories also only declined moderately, while Cushing area increased significantly. Thousands of barrels.
It’s that weekly night again! On Wednesday evening Beijing time, the U.S. Energy Information Administration will release its official inventory report for last week. The market will wait and see whether oil prices will get a temporary respite or whether they will suffer another blow
Technical analysis of crude oil
Looking at the market on Tuesday, the Asian session on Tuesday was still going back and forth, and it was mostly above the US dollar. Short competition, the market began to fall during the European trading period in the afternoon and broke a new low of .USD. During the US trading period, it began to rebound and stretched to .USD. After falling, it fluctuated within .USD from early morning to the suspension. In the morning opening, .USD returned. Judging from the fact that the daily line has closed four negative lines in a row, the market is still in a weak state. There are still downside risks in the news reported above, so be cautious in operations.
The impact of the news of falling prices
In the early morning of Wednesday (July 2019) Beijing time, data released by the American Petroleum Institute showed that U.S. crude oil inventories decreased by 20,000 barrels in the week as of March 1, and the Cushing area increased by 10,000 barrels. It is a huge increase of nearly 10,000 barrels. Under such low oil prices, oil-producing countries have no intention of maintaining a balanced production reduction. Instead, they have increased production against the trend. The Russian government, led by the Russian government, is considering increasing production and preparing for it. On the other hand, demand has also kept oil prices under pressure. Pressure, the driving season in the United States has come to an end, and refineries have entered the equipment maintenance season, the demand for crude oil will decline, that is, the demand is weak, and multiple negative factors have hit oil prices. Can crude oil breathe a sigh of relief?
From the technical hourly chart, the oil price is running in the middle track area, and the daily moving average crosses the daily moving average, which puts oil prices under pressure in turn, and is under pressure at the daily moving average line. The US dollar, the short-term pressure is still mainly on the US dollar, attached picture The golden cross releases a red energy column. From the four-hour chart, the line is running on the lower track. The daily moving average crosses the daily moving average and suppresses the market and the US dollar. The green energy column in the indicator in the attached picture weakens and forms a golden cross trend. The three lines cross upward. Comprehensive Look, the trend is bearish.
International crude oil operation suggestions
Current price. Enter long orders, stop loss. Below the US dollar, target US dollar
Enter short orders of US dollars to cover positions, stop loss. Above the US dollar, target US dollar.
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