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Introduction: Oil prices rose nearly % on Wednesday as U.S. crude inventories fell for the third consecutive week and the decline was larger. In addition, expectations that oil-producing countries will reach a production freeze agreement at a meeting next week have increased, which has also pushed up oil prices. But that doesn't mean the oil market is worry-free.
U.S. crude oil inventories unexpectedly fell for a third consecutive week. Crude oil futures prices closed higher on Wednesday. The price of U.S. crude oil futures for monthly delivery on the New York Mercantile Exchange rose by .USD or .% to close at .USD/barrel. Brent crude oil futures for monthly delivery on London's Intercontinental Exchange rose cents or .% to close at .$/barrel.
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Some market participants speculated that OPEC () The informal meeting of member states scheduled to be held in Algeria on March 1 will be regarded as a "formal meeting."
According to Phil Flynn, senior market analyst at Phillip Futures Group, if this speculation is true, then the possibility of announcing a major policy at this meeting will increase significantly.
He said: &;With Russia, Saudi Arabia and Iran all suggesting that an agreement to limit production can be reached, this means that an agreement is really possible.
Russia’s Permanent Representative Vladimir Voronkov () has previously expressed Russia’s support for reaching a one-year agreement to stabilize the crude oil market. But not all market participants are optimistic about this matter. Br, B's chief commodities analyst, said: "We still don't think that an agreement with Russia will be able to reach a production freeze, let alone that they will be able to reach an agreement to reduce production."
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On the other hand, even if an output freeze agreement can be reached, the fundamentals of the crude oil market will hardly change. This is because the current crude oil production of most member countries is at or close to its highest record.
Member Nigeria issued an official statement on Wednesday saying that the country's government is working continuously to promote an end to the war in the Niger Delta as soon as possible and revive the country's flagging oil production. The country's oil production has fallen to its lowest level in recent years after a series of attacks on oil production facilities.
On Wednesday, another member country, Libya, resumed exports. According to foreign media reports, a tanker sailed from the Libyan port of Ras Lanuf (R) to Italy. This was the first batch of cargo exported from the port in two years.
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