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Introduction The U.S. Cushing crude oil inventory recorded the largest increase in the year and the market’s doubts about the OPEC agreement have caused oil prices to fall. There is currently a lot of crude oil
Headlines are pinning hopes on the weekend's OPEC and non-OPEC meeting, where Russian President Vladimir Putin and Russian companies will reach an agreement on production cuts.
& A surge in Cushing inventories and doubts about the production cut agreement sent oil prices lower
& OPEC’s monthly crude oil production was significantly higher than expected
& The dollar is the biggest risk to oil prices
& Crude oil Bulls place their hopes on OPEC and non-OPEC meetings
& Russian President Vladimir Putin reached an agreement with oil companies on production cuts
On Wednesday (July 2), U.S. Cushing crude oil inventories recorded the largest increase in the year and the market’s confidence in the OPEC agreement Doubt kept oil prices lower.
Crude oil futures closed down by .USD, or .%, at USD/barrel. Brent oil futures closed down by .USD, or .%, at USD/barrel.

On Wednesday, Beijing time, the U.S. Energy Information Administration (EIA) announced that crude oil inventories fell by 0.0 million barrels in the week ending March 1, marking a three-week decline in a row. However, crude oil inventories in Cushing have increased for two consecutive weeks, the largest increase of 10,000 barrels since January. After the data was released, U.S. crude oil rose first and then fell, with U.S. oil once falling below the U.S. dollar per barrel.
Market doubts about the effect of production cuts have caused crude oil prices to fall back in shock. Reuters survey data showed that production in March was significantly higher than expected, surged from 00,000 barrels/day in May to a record high of 10,000 barrels/day. The increase in production comes from oil-producing countries such as Angola, Gabon, Indonesia, Libya, Nigeria, Iran and Iraq.
Oil prices have begun to calm down from the "crazy" recently. Although OPEC reached a historic production reduction agreement, crude oil bulls have become cautious due to concerns about U.S. shale oil production
In addition, expectations of interest rate hikes continue to support the U.S. dollar, with the U.S. index hitting a two-session high on Wednesday. Bank of America Merrill Lynch
The head of the commodity research department said that the U.S. dollar is the biggest risk facing oil prices.
Crude oil bulls are currently placing their hopes on the OPEC and non-OPEC meetings at the weekend. The oil ministers of Nigeria, the United Arab Emirates and Kazakhstan and other countries expressed optimism about the outcome of the meeting on Wednesday. OPEC representatives said on Wednesday that the invited non-oil-producing countries would not exacerbate oversupply.
After Russian President Vladimir Putin met with domestic oil companies, the Kremlin stated that Russian companies will benefit from rising oil prices after production cuts. Putin personally reached an agreement with Russian companies on production reductions, but did not talk about compensation for the reduction in oil production. Fitch believes that Russia's cooperation with OPEC and gradual production cuts should not harm the interests of Russian oil producers, and the Russian budget and OPEC production reduction agreement reduce the risk of Russian oil tax increases.