The recent strong performance of crude oil fundamentals has restored the confidence of bulls, and international crude oil prices have risen for two weeks in a row. On June 1 day, the main contract price of Brent crude oil futures stood at $70 per barrel for the first time since the end of May 20 19, and then showed a volatile upward trend.
Xu Lei, a refined oil analyst at Zhuo Chuang Information, believes that the market expects global oil demand to improve under the influence of accelerated vaccination, and OPEC+Alliance will continue to gradually resume supply in June-July, offsetting the risk that the US-Iran nuclear agreement negotiations may lead to increased supply and the impact of epidemic uncertainty in other regions on oil market demand.
The main driving force for the recent rise in oil prices lies in three points:
1, there have been new twists and turns in the US-Iran nuclear talks. The two sides were close to reaching an agreement before, but there were still some differences in the end. The United States said that even if the Iranian nuclear deal is restarted, including hundreds of other sanctions imposed by the US government, it will remain unchanged, which is unacceptable to Iran, and they hope to lift all sanctions at one time.
2. The epidemic situation has been gradually controlled, and the global demand continues to improve. At present, the global epidemic has been gradually controlled. The daily increment in the United States has dropped to about 6,543.8+0,000, in Europe to about 20,000, and in India to about 6,543.8+0.5 million from the high point of 400,000. With the comprehensive coverage of vaccines, major institutions are generally optimistic about the demand for crude oil in the later period, and believe that the demand will increase by about 6 million barrels per day in the second half of the year.
3. The easing policies of all countries in the world, especially the United States. The United States has continuously introduced various stimulus and easing policies to benefit oil prices. Biden's government has successively launched a 2 trillion infrastructure plan and a 6 trillion budget plan. Yellen has repeatedly said that he will not raise interest rates in advance, which has played a very good role in stimulating oil prices.
Xiaoxiang morning herald-Domestic oil prices will increase for the eighth time this year.