For the crude oil market participants, the biggest concern is that the Middle East crude oil supply may be interrupted in the future. Therefore, there seems to be a concern about a Middle East risk premium of about $0/barrel in oil prices, and this risk premium may easily rise. In the short term, the withdrawal of the United States from the Iran nuclear agreement has First U.S. crude oil taxraised market participants’ perceived risks in the Middle East military conflict that may involve Iran and Saudi Arabia. Although military operations are still a small probability event, their impact on oil prices is greater.
Commodities as a basket rebounded in 208 and peaked in mid-May. The Goldman Sachs Commodity Index rose 2% from a month-to-May high, but has since fallen to April's level and stalled.
After the impact of the Middle East situation temporarily retreated behind the scenes, inventory data has once again become the key to the current crude oil trend. Although crude oil prices showed a sharp rebound on Monday due to the favorable entry of the OPEC monthly report, but after the opening on Tuesday The rally did not continue, and crude oil prices dropped significantly after the opening, and oil prices had fallen back to below 7 US dollars before press time. Therefore, if you exclude yesterday's OPEC's unexpected positive, in fact, the crude oil market this week is showing a slight downward trend.
After Trump announced his withdrawal from the Iran nuclear agreement, Iranian President Rouhani stated that Iran sticks to its responsibilities, while the United States does not; the decision of US President Trump is historical experience for Iran; from now on, the "Joint Comprehensive Action Plan" JCPOA It will be an agreement between Iran and five other countries, and a nuclear agreement with five countries will also benefit Iran; after EU member states have negotiated, Iran is ready to restart nuclear activities.
Due to concerns that the United States will restart energy sanctions against Iran in the month, the price of Brent crude oil in London, the United Kingdom, once climbed to nearly US$8 per barrel on the 24th of this month; it continued to rise to US$855 on the 25th, setting a new 4-year high; on the 26th, it fell slightly to 84. Dollar.
When there is a double top or multiple top again, but the price has not risen above the original top, even a bull market should not enter prematuFirst U.S. crude oil taxrely. Once the price rises above the original peak, before it falls, the price often shows obvious signs of rising.
The United States has long been dissatisfied with OPEC. Since the oil crisis in 1997, OPEC has been a thorn in the eyes of the United States. As mentioned in previous articles by China Oil.com, since April this year, Trump has named OPEC on Twitter almost every month. Even in May, a bill to combat OPEC was proposed-No