One: As the Organization of Petroleum Exporting Countries said it was ready to negotiate with other oil-producing countries to achieve a "reasonable oil price" and the United States lowered its crude oil production forecast, oil prices rebounded "crazily" on Monday after falling for several weeks. Cao Zixi believes that the rebound in international crude oil prices has enhanced investors' confidence in spot commodities and stimulated the price rebound.
Two: short covering supports oil prices. Market traders shorted a lot of crude oil, and now these short positions have been closed.