Crude oil tested the upper pressure zone, and the overall pressure continued

Crude oil tested the upper pressure zone, and the overall pressure continued

Fundamentals Roundup: The U.
S.
will release an additional 20 million barrels of oil
from the Strategic Petroleum Reserve.
According to CCTV reports, on July 26, local time, the White House said that in order to support supply and stabilize oil prices, the United States will release another 20 million barrels of oil from the strategic oil reserve on top of the more than 125 million barrels of oil it has sold, and release 1 million barrels
to the market every day.
On the supply side, the current US crude oil production is slowly growing, OPEC+ will hold a meeting on August 3, after Biden's visit to Saudi Arabia in mid-July, OPEC+ production increase may be raised
.
At the same time, Russian crude oil production continues to rise, and the United States will contact allies in Europe to set a price ceiling for Russian oil, and supply cuts are expected to decline
.
In addition, Libyan crude oil supply has gradually recovered in recent days, and Libya said that it will restore production to 1.
2 million barrels per day
by the end of this month.
From the demand side, the cracking of gasoline and diesel in the outer disk has fallen from the previous high, and the negative feedback of demand caused by the recession and high oil prices will inhibit the recovery of demand
.

Operation suggestion: crude oil 09 contract to see the intraday operating range of 690-642, the overall pressure is mainly falling, the short-term upward pressure is still obvious, and the trading pressure area continues to sell on the high
.