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After
the release of last week’s crude oil and petroleum product inventory report
, the initial reaction of the contract was to dive, erasing the previous gains. The report showed that U.S. crude oil inventories unexpectedly rose by 10,000 barrels last week. But then oil prices began to rebound almost immediately and hit the day's high as traders focused on data on a sharp decline of 10,000 barrels in gasoline inventories and a 10,000-barrel draw in crude oil inventories in Cushing, Oklahoma.
Phil Flynn, senior market analyst at Phillip Futures Group, still said: The recent market momentum is still bearish, and crude oil prices must continue to stabilize above the US dollar/barrel to trigger further short covering. and encourage further recovery in crude oil prices. However, if crude oil prices fail to remain at USD/bbl, it could push prices lower in the USD/bbl direction. I could give multiple reasons why I don't think the crude oil market will collapse, but the momentum in the market right now is very weak indeed.
Hunan Weide Trading Center’s long-term investment agent free account opening consultation hotline
&QQ
Contact: Mr. Zhang
Hunan Weide Bulk Bank Investment Promotion Headquarters