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On Tuesday, crude oil prices closed sharply down .%, 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 .%, at .USD/barrel. It closed at .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 activity, 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 across the commodity market. mood. 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
. Declining refinery capacity utilization will increase supply backlog and crude oil will have nowhere to go. Therefore, there is still scope for this seasonal price decline to target USD/barrel, which may then reverse the decline before the end of the year.
However, the release of crude oil inventory data in the morning does not add insult to injury. In the early hours of Wednesday morning, Beijing time, data from the American Petroleum Institute showed that U.S. crude oil inventories fell by 10,000 barrels in the week ending March 30, which was previously expected to decrease by 10,000 barrels. Inventories increased by 10,000 barrels, and were expected to decrease by 0.000 barrels. Crude oil inventories in the Cushing region of the United States decreased by 000,000 barrels. Both the previous value and the expected increase were 0.000 barrels.
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