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Last week, international oil prices first fell and then rose

 Last Update: 2023-02-14
 Source: Internet
 Author: User

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Recently, fears of recession have intensified, and the United States has tried to suppress oil prices, but the crude oil market is currently in short supply
.
Multiple factors are intertwined, and last week (the week ended June 24) international oil prices fell first and then rose
.
On June 23, international oil prices fell to a new low in nearly a month, and WTI oil prices approached the $100 / barrel mark
.
On June 24, Brent oil reversed its downward trend, unchanged from the price on June 17, closing at $113.
12 a barrel
.
WTI oil prices fell 1.
77% from the week of June 17, closing at $107.
62 per barrel
on the 24th.

In response to inflationary pressures, after the Federal Reserve announced interest rate hikes, many central banks followed suit, fears of a global recession intensified, and the outlook for oil demand came under pressure
.
In addition, the summer travel peak is approaching, the United States has called for a three-month suspension of fuel taxes, and tried to suppress oil prices from various channels
.

Analysts said that under the influence of geopolitics, Russia's crude oil supply may be further reduced, OPEC+ has encountered problems such as insufficient investment in some oil producers, and the monthly production increase target has been difficult to achieve
.
The current crude oil market is still tightly supplied
.
Due to many factors, oil prices may be in a volatile state for a period of time
.

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