asiangames2014| WTI and Brent crude oil futures closed slightly higher: crude oil market focuses on OPEC+ production reduction agreement and global economic conditions

Newsletter summary

Brent and WTI crude oil fell on Thursday.Asiangames2014The Fed's hawkish stance and rising US inventories are a drag on demand. The monthly contract for WTI7 closed slightly higher by 1.Asiangames2014.11% to $82.12 a barrel, with the market expecting a rebound in US demand in the summer. OPEC+6 monthly meeting will discuss the extension of production reduction, Russia and Venezuela production dynamics and CFTC fund position adjustment will affect the market.

Text of news flash

(market volatility is of concern, with Brent and WTI down 2.1 per cent and 2.8 per cent respectively this week) the crude oil market has experienced significant fluctuations this week, with Brent and WTI falling 2.1 per cent and 2.8 per cent respectively. Oil prices have been on a downward trend for four consecutive trading days, setting a record for the longest straight decline since January 2. [the outlook for crude oil demand is suppressed under the influence of Fed policy and US economic data] after the disclosure of the minutes of the Fed's hawkish policy meeting, coupled with market concerns about inflation and the increase in crude oil stocks in the United States, together led to the suppression of the outlook for crude oil demand. [market sentiment changed slightly, WTI7 monthly contract closed up 1.11%] although the market as a whole showed a downward trend, WTI July crude oil futures and Brent crude oil July contract closed up 1.11% respectively, indicating a subtle shift in market sentiment. [interest rate maintenance and inflation control, Fed policy makers are cautious] the minutes of the Fed meeting show that policy makers are cautious about the long-term maintenance of interest rates and inflation control, which led to a sharp reduction in financial markets' expectations of interest rate cuts in 2024. The stronger-than-expected growth in new orders for durable goods and rising consumer confidence in the US have provided strong support for the dollar, but have also raised concerns about a slowdown in demand in an environment of high interest rates. [RyanDetrick, CarsonGroup chief market strategist: summer rate cuts are expected to be postponed] RyanDetrick, chief market strategist at CarsonGroup, pointed out that any expectations of summer interest rate cuts have been postponed because the economy shows no signs of slowing down. [DennisKissler, senior vice president of BOKFinancial: the market may reassess the sell-off] DennisKissler, senior vice president of BOKFinancial trading, expects the market to reassess the current sell-off as U.S. summer demand picks up. [Morgan Stanley analysts: an unexpected upswing in global demand offset weak US gasoline demand] Morgan Stanley analysts believe that although US gasoline demand is weak, this impact has been offset by an unexpected uptick in global demand, and total liquid oil consumption is expected to increase significantly this year. [technical analysis shows signs of short-term stability] from a technical analysis point of view, after a continuous decline in crude oil prices, the small gains in WTI and Brent crude oil futures may indicate short-term stability in the market. [multiple factors affect the future trend of the crude oil market] the future trend of the crude oil market will be affected by multiple factors such as the global economic situation, the policy decision of the Federal Reserve and the OPEC+ production reduction agreement. [investors need to pay close attention to economic data and related events] investors should pay close attention to the upcoming economic data and related events in order to make informed investment decisions.