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Analysis of international news
Last Friday, international crude oil closed down more than %, with US oil prices falling. The U.S. dollar fell below a barrel as speeches by Russian officials cast doubt on the country's prospects of reaching an output agreement with C in the short term, and active U.S. oil drilling rose for a consecutive week of declines. As of Beijing time, the decline in U.S. oil expanded to .%, quoted at .USD/barrel.
C reached a production reduction agreement in Algiers last week, intending to set the production target in the range of 10,000 barrels per day, .%.% lower than the monthly level this year, aiming to reduce excess supply and boost prices. Since then, Afterwards, oil prices rose by more than % next week. C and non-oil-producing countries will hold informal talks during the World Energy Conference (held in Istanbul, Turkey, on October 1) to discuss the implementation of the production reduction agreement. Russia, Saudi Arabia, Qatar, Algeria, Venezuela and other oil-producing countries have expressed their participation. On Thursday, Algerian Energy Minister R once again warmed up for production cuts. He said that now C has reached an agreement and will evaluate the market at the end of the month meeting. The initial oil price target sought by C is ~USD/barrel. If the average daily production reduction of 10,000 barrels is not enough , will further increase production cuts.
However, Russian Energy Minister R poured cold water on it. Speaking to Bloomberg News in Moscow, Russia does not expect to sign an agreement with China at next week’s energy conference and “it will be just a consultation.” These remarks cast doubt on the production limit agreement and oil prices fell from highs.
U.S. Crude Oil Trend Analysis
Looking at the minute chart of oil prices, the line continued to run along the B upper track and then fell back, while the upper B upper track. Resistance formed near the US dollar, and the US dollar also has effectiveness. . The decline temporarily stopped when the B middle track was touched below, and the USD position formed support, but there is still room for downside below, and further support looks to the USD. The indicator B channel is still constricting and running upwards. The fast and slow line of indicator C in the attached figure forms a dead cross at a high level and runs downward. The green kinetic energy column volume indicator forms a dead cross and runs downward from the overbought zone. Summary: Oil prices still have room to fall, but fundamental factors are still bullish. Gold is expected to open lower and move higher to start this week. In the near future, try to focus on low and long positions.
U.S. crude oil operation suggestions:
, It is recommended to go long near the US dollar, with the target near the US dollar, and stop loss. Loss.USD