Some market analysts believe that oil prices should remain in the triple digits

According to the oil price network reported on July 1, Smith, head of Kpler's Sweet Crude Analysis, told Yahoo Finance that crude oil prices should remain in the triple digits
.

Smith said there will be no sustained downward pressure
on oil.

"I don't think we're going to see pressure
on oil prices to continue to fall.
I think what we've seen in the oil market over the last few weeks is a sell-off because oil has been swept away by broader market sentiment, like we've seen sell-offs like stocks
.
It's a matter of
risk appetite.
Smith told Yahoo Finance
.

Instead, Smith believes crude oil prices are backed by OPEC because they have failed to boost exports
despite saying they continue to put more oil into the market.
In fact, as Smith points out, we have seen Saudi Arabia's exports decline
in recent months.

So while OPEC says they're producing more oil, "we're not seeing that oil really hit the market
.
" We are not seeing an increase in
these exports.
”

Smith also noted that crude oil production in large countries is expected to decline by the end of the year, which provides support
for higher oil prices.

"It's largely a supply-side situation, and oil prices should remain above triple digits
.
"

Ahead of the long weekend in the U.
S.
, crude prices rose on Friday, with WTI crude up 2.
73 percent to $
108.
70 on the day.
High crude oil and gasoline prices in the United States have caused problems for the government, which has proposed many strategies to reduce crude oil and gasoline prices, but so far to no avail
.

The U.
S.
average of $0.
171 per gallon of gasoline is up $0.
171 from the previous month and $
1.
719 per gallon from a year ago.