1. The increasing number of pneumonia cases in COVID-19, Europe and the United States has reduced the demand for crude oil. The number of cases in COVID-19, Europe and the United States has been increasing, and so has the number of infected people. Germany and France, the two largest economies in Europe, have entered a partial blockade period, and the fuel consumption of road transportation has been continuously reduced due to the blockade epidemic. The epidemic has led to the closure of a large number of enterprises, the increase in unemployment benefits, the hopeless economic recovery, the continuous decline in oil demand, the increase in crude oil inventories and the increasing international pressure.
2. The strong exchange rate of the US dollar further suppressed American technology stocks in the dollar-denominated oil futures market, leading to a sharp decline in US stocks. At the same time, the rebound of the US dollar exchange rate suppressed the oil futures market denominated in US dollars, and the international oil price plummeted, which also suppressed the oil market atmosphere. The New York Mercantile Exchange light sweet crude oil futures in the first month fell by $2.44, or 6.14%; The average price per barrel was $37.36, even lower than the previous week, and the trading range remained at $36.65438 +03-39.59. The first month futures price of Brent crude oil on the London Intercontinental Exchange fell by $2.83, or 6.63%. The average settlement price per barrel is USD 40.50, the highest settlement price is USD 42.02, the lowest settlement price is USD 39.78, and the trading range is USD 39.35438 +0-42.43.
3. Saudi Arabia, Russia and Libya announced to increase oil production, which led to a continuous decline in international oil prices. Saudi Arabia and Russia are targeting shale oil in the United States. Saudi Arabia's policy of increasing crude oil production led to a sharp drop in the futures price of West Texas Light Crude Oil (WTI) in March, while Rosneft, Russia's largest state-owned oil company, also started the production increase system in April, increasing its daily output by 300,000 barrels within two weeks. However, the national oil company of Libya announced in June of 5438+ 10 that the monthly output will reach 1 10,000 barrels per day after the force majeure factors in Es Sider Port and Ras Lanuf Port are lifted. At present, the consumption of international crude oil inventory is slow, and the increase of oil production leads to the continuous decline of oil prices.