First of all, in the long run:

Commodities (gold, silver, oil and copper) have long been "manipulated" by some countries or institutions, especially the United States and some big investment banks. Most importantly, the United States does not want oil prices to be too low or too high to stabilize inflation in their country.

The global economic environment is getting worse. As the main industrial raw material, it has penetrated into enterprises and our lives. Poor economic environment will reduce the demand for crude oil in industrial production.

Oil-producing countries have endured long-term low oil in recent years, and Venezuela is an example. Oil-producing countries want to sell more barrels of oil to subsidize "household use", forming a vicious circle. If supply exceeds demand, oil prices will still fall! The oil-producing countries are clamoring to cut production this time. Personally, I think it won't last long.

Second, in the short term, it is the impact of data collection and emergencies.