SunSirs: The Rebound Momentum of Crude Oil may Weaken to some Extent

https://www.chemnet.com   Aug 12,2024 SunSirs

Last Friday, international oil prices continued to rebound, with WTI crude oil and Brent crude oil both closing slightly higher.

The latest monthly reports from EIA, IEA, and OPEC expect global annual crude oil demand growth of 1.11 million barrels per day, 9.7 million barrels per day, and 2.25 million barrels per day, respectively, unchanged from the previous month. Meanwhile, EIA data shows that US crude oil inventories fell by 3.7 million barrels in the week of August 2, far exceeding analysts' previous expectations of 700,000 barrels, resulting in significant destocking for six consecutive weeks and setting a record for the longest consecutive decline since January 2022.

At present, the fundamentals of crude oil are relatively healthy, while concerns about market recession and geopolitical factors still exist. The market may switch repeatedly in different logics in the later stage, and high volatility of oil prices may be difficult to avoid. From the performance of the market, prices have shown signs of weakening rebound momentum to some extent recently. Relevant traders are advised to pay attention to risk control.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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