Since the meeting of the Organization of Petroleum Exporting Countries on February 4th, 65438, the market has been worried because of the "self-abandonment" of the Organization of Petroleum Exporting Countries. As a result, oil prices have been falling continuously, and more and more investors have begun to join the bargain-hunting army. However, the oil price failed to go lower and lower as expected, and broke a new low again yesterday. Although there was an intraday reversal in the US market and the downward trend was recovered, it was still not enough to change the strong downward trend, but only stopped falling in the short term. After the daily line bottomed out, it closed up and eventually rose by 2.57%.

Yesterday's news was as dull as ever, Monday and Tuesday, so the overall influencing factors of the market can only be divided into the continuous influence of big news and the role of market sentiment.

The big news is nothing more than the problem of maintaining high production in oil-producing countries. The average daily output of Saudi Arabia continues to be above 6.5438 million barrels, and the average daily output of Iraq in June 1 1 also increased by 247,500 barrels to 4.3 million barrels. With the lifting of Iran's sanctions, crude oil production will still be under subsequent pressure. In the face of OPEC's indulgence in crude oil production, non-OPEC oil-producing countries such as Russia and the United States can only die to the end. Market share is obviously more important than maintaining stable oil prices, which is a very unfavorable factor in the current crude oil market. As the time for the Fed to raise interest rates approaches, the market will gradually be cautious and try to be short-term in operation.