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The disastrous defeat in the Italian referendum dragged down oil prices. The strong potential for production cuts caused crude oil to turn from falling to rising. However, the market is still worried about whether the production cuts by oil-producing countries can alleviate the global crude oil supply problem. Oil prices closed up %. In the future, we will pay attention to crude oil inventory data, or Give oil prices a shot in the arm.
International oil prices continued to rise on Monday, with U.S. crude oil futures closing up .USD, or .%, at .USD/barrel. Brent crude oil once broke through the US dollar mark, hitting a monthly high.
Oil prices' weak rally pauses
Oil prices fell back on Monday, suggesting that their gains of as much as % since Wednesday's production cut agreement may be temporarily exhausted. Last week's weekly increase was .%, the largest weekly increase in 2019. Oil prices closed slightly lower amid the shock, with the market doubting that production cuts can alleviate the oversupply situation.
Oil prices fell as investors turned their attention to rising drilling activity, experts said. Rising crude oil prices will push U.S. shale oil producers to increase production. For them, profits can be made as long as the price of oil remains above US dollars per barrel.
Oil prices closed higher on Monday as the market was digesting Russia's oil production increase of about 10,000 barrels per day in March, which triggered doubts about whether OPEC members will really cut production on January 1 next year, and caused People questioned whether it would breach the agreement mid-year.
Crude oil inventories provide help in times of crisis
Warm reminder: Monday (Monday) Beijing time: US crude oil inventory data will be released soon.
Review and Outlook: The American Petroleum Institute () released a report on March 23 that U.S. crude oil inventories unexpectedly decreased by 0.0 million barrels last week. On the same day, the U.S. Energy Information Administration (EIA) announced that U.S. crude oil inventories fell by 0.0 million barrels for the week on March 1. U.S. crude oil inventories have fallen for two consecutive weeks, which is also a positive for the balance of the oil market. This week, analysts expect crude oil inventories to fall again, which may help oil prices reach the mark again.
According to foreign media surveys, U.S. crude oil inventories are expected to decrease last week. Specific data show that U.S. crude oil inventories are expected to decrease by 10,000 barrels in the week ending March 31, gasoline inventories will increase by 10,000 barrels, while refined oil inventories will increase by 10,000 barrels. Thousands of barrels will be added.
All in all, oil prices are still bullish this week, because oil prices have been benefiting since the production reduction plan was reached. Instead of Friday, there will be plans for specific production reduction shares, and oil prices may reach a higher level.
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