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Last night (August 25), oil prices pulled back
under pressure after a series of sharp gains.
As the market returned to trading Iranian crude again, oil prices gave up previous day's gains, and Brent returned below
$100/b.
It should be noted that regardless of whether the negotiations on the Iranian nuclear agreement are finally completed, OPEC's expected management of the supply side that began on Monday (August 22) may support oil prices in the medium term, and the return of Iranian crude oil and the Fed's interest rate hike expectations under the long-term confrontation, this Monday is likely to be an important time node
for the switch of crude oil long-short sentiment in the third quarter.
From the perspective of the global crude oil market, after the two oil prices fell sharply by $30 / barrel since mid-June, the market bearish sentiment has weakened, and the game between the long and short sides in the current position has increased
.
On the one hand, the market is still afraid of the downside risk of commodities under the interest rate hike cycle of overseas central banks; On the other hand, the market is worried that OPEC tightening supply will delay the upward trend of inventories, after all, the probability of a long-term sharp decline in the center of gravity of oil prices under the low inventory pattern is low
.
