As the centralU.S. crude oil production bank began to tighten monetary policy, higher oil prices and depression were basically the same result. Currie emphasized that his explanation is not to predict a possible future depression, but to warn the market that this should be vigilant.
But the good times did not last long. With the IEA's monthly report suggesting that supply growth was accelerating, and the news showed that Trump's tariffs on China may reach 200 billion US dollars of goods, and the trade turmoil resumed, oil prices fell again.
Libya was the largest contributor to the increase in global crude oil production in August, with daily output of 970 thousand barrels last month and 660,000 barrels in July. According to a person familiar with the matter on Sunday, the country’s largest oil field, Salalah, restarted after the kidnapping. Although Libya’s recovery has increased OPEC’s oil production, the country remains an unreliable supplier due to the continued disruption of its oil industry.
Analysts believe that from the current point of view, crude oil seems to have bottomed out, and OPEC's production increase last Friday is far from the market's expected target, so crude oil immediately experienced a surge of close to 4 US dollars after the opening of the US market last Friday. However, the overall increase in production was not as good as expected, and oil prices were soaring, and the market bulls performed strongly. The 4-hour Bollinger Band opens up and is near the upper rail, which is at risk of callback.
On the road to the steady operation of the shale oil industry and the external expansion of petroleum and petroleum products, the United States needs a relatively stable and strong oil market environment. However, in terms of counterbalances to resource exporting countries such as Russia and the Middle East, as well as local energy and economic trends, There is no need for excessively high oil prices, which has led to frequent interventions in the oil market by the United States in recent years. Market analysis believes that the positive and negative factors in the second half of the year are both strong, and coupled with the influence of other uncertain factors such as geological risks, it is expected that the international oil market will tend to consolidate in the second half of the year, and it is more likely that the international oil price will barely firm.
However, on the other hand, Sino-US trade frictioU.S. crude oil productionns continue to escalate, and the two sides have not made important progress in recent trade negotiations. Economists said that the long-term trade dispute will reduce the commercial activities of China and the United States and drag down the development of the global economy, thereby reducing the market's demand for crude oil.