Latest news crude oil prices

Latest news crude oil prices

A Reuters survey of 46 economists and analysts showed that the average price of Brent crLatest news crude oil pricesude oil futures in 209 is expected to be US$788 per barrel, higher than the September estimate of US$775. The average price of Brent crude oil for 208 years is expected to be US$748, and the average price so far this year is US$757. Analysts told Reuters that if concerns about a general slowdown in the economy prove to be reasonable, then crude oil demand is expected to slow in 209.

Previously, US President Trump said on Twitter that King Salman of Saudi Arabia agreed to increase oil production by up to 2 million barrels per day, which caused oil prices to gap and open lower. However, with the interruption of Libyan crude oil supply, this made oil prices again. There was a rebound and a new high above $75.

Gao Jian said that even if it has reduced the scale of production reduction, there will still be a certain amount of production reduction. It is difficult to fill the current market supply gap by relying solely on the increase in shale oil production in the United States, or even the increase in production in Brazil and Canada.

The trends of these three stages basically summarize all the intraday trends, forming a complete intraday price trend chart. Since the market is changing, the understanding of the three stages should not be viewed with a rigid perspective. Sometimes, the main force will adopt unconventional methods to operate, but through the three-stage identification, it will also be able to understand this change.

Crude oil and oil product inventories are currently lower than the five-year average, and are expected to continue to decline from the second half of 208 to 209. OPEC’s idle capacity has shrunk to less than 2 million barrels per day, and is expected to fall to less than 0 million barrels per day by the end of 209.

Since the end of last year, US crude oil production has risen to record levels. The U.S. Energy Information Administration said on Thursday that this year’s monthly output increased by 250,000 barrels per day to reach 0.47 million barrels Latest news crude oil pricesper day, setting a new monthly record.

Recently, with the help of geopolitical factors such as the Middle East, the price of crude oil has been soaring. Currently, it has reached the gate of 70 dollars. It is reported that Trump will announce the final Iranian nuclear agreement on May 2. Detonated a wave of crude oil prices, the market is already gearing up for the outbreak of crude oil prices, but a hidden crude oil negative factors have begun to sprout. If left alone, crude oil prices may usher in a slump in the future.

OPEC’s August monthly report estimates that global crude oil demand in the fourth quarter will reach 0027 million barrels per day, while non-OPEC countries’ crude oil production is estimated to be 60.45 million barrels per day, and OPEC’s liquefied petroleum gas and unconventional oil and gas production is 640,000 barrels per day. day. Therefore, if the global crude oil market is to balance supply and demand in the fourth quarter, OPEC's crude oil production must reach 90,000 barrels per day. In the second quarter, OPEC’s crude oil output was 280,000 barrels per day. In the fourth quarter, OPEC must increase its production by 202,000 barrels per day if it wants to achieve a balance between supply and demand.

According to OPEC's secondary sources, Venezuela's daily output in June fell to 40,000 barrels per day. Except for a brief interruption in production caused by the 2002-200 strike, this figure is close to the lowest point of Venezuelan oil production in nearly 70 years.