The $698 resistance level is the 2% prediction level of the downward wave C starting atCrude oil spot price $667. The rebound from the low of $622 on June 5 evolved into a flat pattern, consisting of three waves of roughly the same length.
The trend of crude oil in the Asian market on Monday was not obvious. On the whole, it continued the slight decline of the market last weekend, but after entering the European market, the decline in the market began to continue to expand, and after entering the US market, the US index rebounded further Rising, crude oil prices fell below US$620, but then an unexpectedly positive entry, the Israeli Prime Minister’s words once again activated the market’s panic over the Iranian nuclear turmoil. Crude oil prices immediately stopped falling, rebounded and violently rose above US$60. But before the market closed, the market fell back from the high level, and finally the oil price stopped near the 650 line.
According to Reuters analysis, S&P Global Platts, as the current crude oil pricing mechanism in the Middle East, will not sit idly by. S&P Global Platts stated that they respect each market participant's right to determine the preferred futures pricing method, and ultimately it is the market that decides which mechanism to adopt as the pricing benchmark. Platts is confident to deal with competition because its pricing mechanism has been widely understood and accepted.
Iraq is OPEC's second-largest oil producer after Saudi Arabia, and 95% of its public expenditures rely on oil sales. The low oil price and the rising cost of fighting against IS militants have made the Iraqi economy faltering.
However, don't worry, everyone. The good news is here. The next round of refined oil prices is expected to be lowered. The data shows that as of the first working day in China, the rate of change of comprehensive crude oil varieties is -88%. The current estimate of oil prices is about 68 yuan a ton, and the price adjustment will start at 24:00 on February 2, 208.
According to observations, the storm directly boosted the demand for crude oil, causing the prices of Blount crude oil and WTI crude oil to both rise in the first two days, reaching nearly US$80 and US$70 a barrel respectively. Bloomberg said that the Category 4 hurricane Florence that threatened North and South Carolina is expected to cause up to 27 billion U.S. dollars in damage aCrude oil spot pricend may become the ninth largest storm in US history.
The American Petroleum Institute API reported on Tuesday that US crude oil inventories increased by 4.9 million barrels to 5.6 billion barrels in the week ending May. The bottleneck in this area in North America may have contributed to the increase in US crude oil inventories.
India has not yet issued an official statement. However, its state-owned refinery has been notified that it is prepared to find an alternative supply in case the United States does not grant India an exemption from sanctions against Iran. In the first half of this year, India imported an average of 550,000 barrels of Iranian crude oil per day.
The Fed, which has long been concerned about the employment situation in the United States, may put September's interest rate hike on the agenda again because of the beauty of non-agricultural data. However, investors are just too concerned, and the Fed will probably observe the trade-offs again in the two-month period. In Nigeria, the strike has not yet got rid of the oil pipeline attack and bombing, which once again triggered a supply disruption crisis.
At the same time, last week, Cushing, Oklahoma's crude oil inventories fell by 260,000 barrels, recording a decline for five consecutive weeks, and the largest decline since the week of February 2 in seven weeks. U.S. refined oil inventories increased by 2.75 million barrels, the largest increase in the nine weeks since the week of February 9, and the market is expected to decrease by 40,000 barrels. US gasoline inventories increased by 270,000 barrels, and the market estimated an increase of 80,000 barrels.