Xinhua News Agency, Beijing, November 29. Affected by factors such as increasing expectations of investors for production cuts in major oil-producing countries and increasing market bargain hunting operations, international crude oil futures prices rebounded significantly on the 29th after experiencing a sharp drop last weekend.
As of 10:20 on the 29th, Beijing time, the price of light crude oil futures for delivery in January 2022 on the New York Mercantile Exchange rose by US$3.28 to US$71.43 per barrel, an increase of 4.8%; British cloth for delivery in January 2022 Lent crude oil futures prices rose by US$3.03 to US$75.75 per barrel, an increase of 4.2%.
Affected by bad news such as reports from South Africa and other countries such as the new variant new crown virus, investors are worried about the prospects for economic recovery, and international oil prices plummeted on the 26th.
On the same day, the price of crude oil futures on the New York Mercantile Exchange fell by 13.06%, and the price of London Brent crude oil futures fell by 11.59%.
Data show that this is the biggest one-day drop in New York oil prices and Brent oil prices since April 2020.
Analysts said that because investors believed that the oil market had been oversold after the collapse last week, and the market speculated that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries might adopt production cuts due to the worsening of the epidemic, there has been a correctional buy. Market, supporting the rebound of oil prices.
The main factors that are expected to affect the market this week include the spread of the new variant new coronavirus and its impact on the global economy and fuel demand, as well as how major oil-producing countries adjust their production policies.
It is reported that OPEC and non-OPEC oil-producing countries plan to hold a meeting this week to decide whether to continue their original plan for gradual increase in production.
Some analysts believe that with the recent release of strategic oil reserves by some major oil-consuming countries, and the spread of the new variant of the new crown virus may lead to new blockade measures, which will affect oil demand, major oil-producing countries may suspend their original production increase plans.
Due to the impact of the new crown epidemic on oil demand, OPEC and non-OPEC oil-producing countries reached an agreement last year to reduce production by nearly 10 million barrels a day, equivalent to 10% of global production.
In April this year, OPEC and non-OPEC oil-producing countries decided to gradually increase oil production starting in May.
In July this year, OPEC reached an agreement with non-OPEC oil-producing countries, agreeing to increase its total output by 400,000 barrels per day from August this year.Keywords: