In the New York crude oil market on March 31, the United States announced the release of the largest oil stockpiling ever, and the international crude oil futures price temporarily dropped to the $ 99 level per barrel, and it is on an upward trend. It has been stopped for the time being.
In the New York crude oil market on the 31st, the WTI futures price, which is an international indicator of crude oil prices, dropped from the level of around $ 107 a barrel during the day before to the $ 99 level at one point.
This is because the Biden administration in the United States has announced that it will release oil reserves on the largest scale ever, and there is widespread view that supply will increase.
On the other hand, the fact that OPEC = Organization of Petroleum Exporting Countries and major oil-producing countries such as Russia forgot to increase production in May at the meeting held on this day was considered to be within the expected range, and the price of crude oil futures sharply increased. There was no change.
Market officials said, "It was perceived that the Biden administration has shown a stance to curb the rise in crude oil prices. As long as there is a strong view that crude oil prices will remain high. "