Brad, chairman of the Federal Reserve Bank of St. Louis, holds a similar view. He believes that rising oil prices will trigger more investment in the energy industry to offset other losses. This will also encourage US crude oil production. The big shocks in oil prices in the past may be bad news, but they should be neutraBrent crude oil spot price Yahoo Financel at present. In addition, economists also estimate that oil prices must rise to US$200 to cause a global economic downturn.
Judging from the daily chart, crude oil prices have been temporarily stabilized above US$66 by the IEA monthly report. If the evening EIA inventory data can reinforce the upward trend of crude oil, it may be able to further stabilize the upward trend, but if the EIA data Bad for oil prices, I am afraid that crude oil prices will likely return to below 66 US dollars, so tonight will be a critical moment for crude oil to compete for 66 US dollars. At present, the Bollinger Bands three track is still in a downward state, but the fast and slow lines in the macd indicator have begun to close, the green kinetic energy continues to shrink, and the Kdj three track maintains a sharp upward trend in the golden cross, which may indicate that a wave of rising market is coming.
It is particularly reminded that the meeting between President Xi and Trump is expected to discuss Sino-US trade relations. In the context of global trade tensions, the changes in Sino-US trade relations directly affect the risk sentiment of the investment market. The US dollar exchange rate is directly affected, while crude oil, The prices of commodities such as gold are indirectly affected.
According to Bloomberg News, the United States Congress put the anti-oil production and export industry coalition bill on the agenda again in late May this year. The plan will allow the United States to define OPEC as a cartel, prosecute OPEC for manipulating the energy market under the Sherman Antitrust Act, and may seek billions of dollars in compensation. This bill passed the first deliberation of the US House of Representatives last week.
Although the price adjustment of refined oil has already ended, the next round of price adjustment of refined oil will open at 24:00 on the 28th. In the context of the continued improvement of OPEC's production cuts, international oil prices are likely to continue to rise, which will eventually lead to a pattern of two consecutive increases in domestic refined oil prices.
Asgarolradi, chairman of the Iran-China Chamber of Commerce, recently stated that the trade issue with Iranian companies has been resolved. Starting from February 2nd, banks will start settlement business with Iranian banks. And, in February, it will also announce that another bank will cooperate with Brent crude oil spot price Yahoo FinanceIran to facilitate the import of Iranian oil.
At the same time, in order to seek high profits, some businesses began to use their brains. Some people have discovered that the difference between the price of diesel and gasoline at gas stations and that of Sinopec is the largest. It is even more surprising that some oil prices are even lower than local wholesale prices. Of course, if these businesses do this, there is no loss.
It seems that oil prices do follow related supply and demand news, but it cannot be ignored that there has been a serious divergence between crude oil and US stocks in the past two weeks. The U.S. stock market has soared continuously after the UK referendum to leave the European Union, but crude oil has steadily declined. This is completely different from the situation where crude oil was used as a weather vane of market sentiment at the beginning of the year. This is largely due to the market’s deepening of the global economic outlook for Brexit Uncertainty may affect crude oil demand expectations. The lack of a reference target crude oil market may make the market outlook even more pretentious. This must be noted.