Trump intervenes, the biggest rebound in US oil history! Analysis: Or just a flash in the pan
Zhongxin Jingwei Client on March 20th, on Thursday, crude oil futures prices soared sharply, setting the largest single-day percentage increase on record, regaining some lost ground. It has fallen for three consecutive trading days, pushing oil prices to their lowest level in nearly 20 years. .
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As of the close of Thursday, NYMEX crude oil futures rose 23.14% to 25.65 US dollars per barrel, the largest single-day gain in history, and once surged more than 32% during the session. Cloth oil closed up 12.29% at $ 29.97 / barrel.
The crude oil market is facing pressure from the recent epidemic, and the oil price war between Saudi Arabia and Russia has flooded the global crude oil market with cheap oil supplies. Following talks between Saudi Arabia and Russia over restrictions on oil supplies, OPEC leader Saudi Arabia announced plans to increase crude oil supply to a record 12.3 million barrels per day and reduce its official selling price of crude oil .
Reuters reported on the 20th that U.S. crude oil prices and cloth oil prices have fallen by half in less than two weeks, taking a breather on Thursday.
US President Trump earlier said he would intervene in the oil price war between Saudi Arabia and Russia at an appropriate time. Countries have introduced incentives. U.S. lawmakers discussed on Thursday seeking to pass a large-scale economic stimulus package as soon as possible to deal with the devastating effects of the new crown epidemic.
In addition, the Bank of England announced on Thursday that it would lower the benchmark interest rate from 0.25% to an all-time low of 0.1%. This is the second emergency rate cut in the UK this month in response to the economic impact of the new crown pneumonia epidemic.
Reuters quoted analysts as saying that this rally may be short-lived and that oil prices will weaken further. Andrew Lipow, president of Lipow Oil Associates, analyzes that after three consecutive days of slump, people are returning to the market. Some reductions are expected in the future, but these reductions are not enough to offset the decline in demand that will occur in the market in April and May. ”(Zhongxin Jingwei APP)