The price of oil is "difficult to ride a tiger"! U.S. crude oil inventories plummeted and pushed up prices

The price of oil is "difficult to ride a tiger"! U.S. crude oil inventories plummet, pushing up prices and reducing production to limit gains

　　Sino-Singapore Jingwei client, July 16th, according to Reuters Chinese website reported on the 16th, oil prices rose by 2% on Wednesday, supported by the sharp drop in US crude oil inventories last week, but further upside restrictions, as the global economy gradually from the new crown virus The epidemic is recovering, and the Organization of the Petroleum Exporting Countries (OPEC) and its allies intend to reduce production cuts from August.

　　Brent crude oil futures settlement price rose 0.89 US dollars, or 2.1%, to 43.79 US dollars per barrel, US crude oil futures rose 0.91 US dollars, or 2.3%, to 41.20 US dollars per barrel.

　　The US Energy Information Administration (EIA) said on Wednesday that as of the week of July 10, crude oil inventories fell by 7.5 million barrels to 531.7 million barrels. Analysts in the Reuters survey estimated a decrease of 2.1 million barrels.

　　Price Futures Group analyst Phil Flynn said: "This report tells us that inventories will decrease further in the coming weeks. We will see supply tightening and the market signals that we will need more oil soon, maybe Before August."

The Organization of Petroleum Exporting Countries (OPEC) issued a statement on the 15th that OPEC and non-OPEC oil-producing countries agreed to reduce the scale of production cuts to 7.7 million barrels per day from August.

　　The joint ministerial supervisory committee of OPEC and non-OPEC oil-producing countries held a video conference on the same day. The conference issued a statement saying that as countries around the world slowly recover from the new crown epidemic, and the global economy is showing signs of improvement, it will enter the second phase of the oil production reduction agreement from August, that is, the scale of production reduction will be reduced to 7.7 million barrels per day.

　　According to Reuters, the OPEC+ alliance formed by OPEC and its allies has been implementing a 9.7 million barrels/day production cut agreement that accounts for 10% of global supply since May, after the epidemic caused a sudden drop in global demand by a third.

　　Saudi Energy Minister Prince Abdulaziz said after the meeting of the Joint Ministerial Oversight Committee: "We will enter the next stage of the production reduction agreement. As demand continues to recover, the additional supply from the planned reduction of production cuts will be punished. digestion."

　　American researchers said on Tuesday that Moderna's experimental new crown vaccine showed that it was safe in an ongoing early study, and all 45 healthy volunteers had an immune response. The news brought support to oil prices, but new cases in the United States and other countries are still climbing, and traders are still nervous. (Sino-Singapore Jingwei APP)