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On Tuesday, crude oil prices closed sharply lower by .%, closing at .USD/barrel. This was the first time in months that the closing price fell below the US dollar mark. Brent crude oil prices also fell by .%, closing at . in .USD/barrel.
Although oil prices rose by 1% in early trading, supported by the decline of the US dollar, lingering concerns about crude oil supply glut, coupled with the decline of US stocks, caused oil prices to reverse their earlier gains. Additionally, crude oil prices fell back below $/bbl and hit a low of $/bbl, triggering new technical selling.
In fact, in addition to the resumption of technical selling, the fundamental situation is not optimistic either. The recent increase in U.S. crude oil drilling activities, Libya's expected return to the crude oil export market, and the likelihood that member countries such as Iraq and Iran will increase their production last month have also triggered stronger sentiments in the entire commodity market. r emotions. OPEC is expected to release its monthly crude oil report on March 1, which will provide the organization's own crude oil supply and demand outlook.
Moreover, a wave of seasonal maintenance at refineries in the United States and Asia is deepening the difficulties faced by the market
.
The decline in refinery capacity utilization will increase supply backlog and crude oil will have nowhere to go. Moreover,
Account manager Stuart & Ive said that there is still room for this seasonal price decline to target USD/barrel, which may then reverse the decline before the end of the year
.
Dalian Precious Metals Trading Center’s long-term investment agent free account opening consultation hotline
Contact: Mr. Zhang