Negative supply and demand caused international oil prices to fall sharply

Pressed by both supply and demand, the price of international crude oil futures fell significantly in the overnight market, and the intraday shock fell lower on the 28th, and international oil prices fell
sharply at the close.
3 Light crude futures for May delivery fell $7.
94, or 6.
97%,
to settle at $105.
96 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for May delivery fell $8.
17, or 6.
77%, to settle at $112.
48 a barrel
.

Commerzbank analysts said that the main reason for the drop in oil prices on the day was investors' concerns
about oil demand caused by the spread of the epidemic.
The news that Russia and Ukraine will hold a new round of peace talks on the 29th also contributed to the decline in oil prices
.

Russian Presidential Press Secretary Dmitry Peskov said on March 28 that the delegations of Russia and Ukraine may hold negotiations
in Turkey on the 29th.
Ukrainian President Volodymyr Zelensky said on the same day that in the upcoming new round of talks between Ukraine and Russia, the Ukrainian side aims to achieve peace and restore normal life
as soon as possible.

Affected by the outbreak of the Russian-Ukrainian conflict and the sanctions imposed by many countries on Russia, international oil prices showed a sharp rise and fall in March
.
Several market researchers still believe that oil prices are currently under upward pressure
.

Phil Flynn, senior market analyst at Price Futures Group, believes that although comments about peace and ceasefires have prompted a sell-off in the oil market, the fact is that regardless of whether Russia and Ukraine can achieve peace, Europe still depends on Russian oil and gas
.

Mark Hefer, global chief investment officer at UBS Wealth Management, believes that sanctions and supply disruptions have made the situation change rapidly since the outbreak of the Russian-Ukrainian conflict
.
Russia is not easily replaced as an important energy producer, and commodity prices are still facing upward risks
.

TD Securities Co said that market prices will continue to reflect rising energy supply risks in the event of a large supply disruption, and Brent crude futures prices are still expected to continue to rise
.

Reuters reported on March 28 that OPEC and non-OPEC producers are expected to raise the daily production ceiling by 432,000 barrels in May in view of the adjustment of production benchmarks
.

Manish Raj, chief financial officer of Vilandra Energy, said that because Iranian and Russian production is unlikely to reach the previous production ceiling, the real production increase from the production benchmark adjustment will be less than 20,000 barrels
per day.
This is a drop in the bucket compared to the reduction in crude oil production in Russia and Kazakhstan
.

Affected by bad weather, a crude oil export terminal in Kazakhstan was recently affected
.

According to the plan, OPEC and non-OPEC oil producers will hold a monthly meeting on the 31st to determine crude oil production
in May.