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Market News Brent crude reaches $72.56 per barrel

Brent crude reaches $72.56 per barrel

On Tuesday City, the price of oil has reached a new high, and Brent crude oil futures prices have risen by $ 75, and there are signs that the market is rapidly tightening. Because China, the United States and Europe gradually controls the epidemic, the economy is achieved, the demand prospect is improved, Brent crude oil futures prices have risen more than 40% this year.

Eden
2021-06-22
839

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US WTI crude oil futures prices rose 11 beautiful immortals or 0.15%, reported $ 73.23 / barrel, and the creation of new high since October 2018; Brent crude oil futures prices rose 25 beautiful immortals or 0.33%, reported $ 75.15 / barrel, which was high in April 2019; Natural gas prices are flat, and reported to $ 3.197.


Bank of America and even forecast, benefited from the number of travel, Brent crude oil prices will reach $ 100 / barrel in 2022.


Vanda Insights founder Vandana Hari said, "Optimistic emotions to demand are very strong, the market has become the focus of people's attention ... If this round is stopped, the reason is likely to come from the supply surface."


However, the global recovery process is uneven, and the public health situation in many countries has deteriorated again.


At the same time, the world's largest oil importing country cuts private refining enterprises inhibits market emotions. According to reports, the second batch of import quotas in 2021 received by 35% year-on-year.


However, the marking of oil prices may increase the pressure of OPEC + increased production, the organization or at a meeting next week, considering further increasing production.


During the day, investors need to pay close attention to the stock data released by the US Petroleum Association (API), and the market is expected to reduce 3625,000 barrels. If the forecast is accurate, then the US stock declines for five consecutive weeks.


Multi-country economic rebound drives demand

Due to the United States, China and Europe have a strong rebound after the outbreak of the epidemic, Brent crude oil prices have risen more than 40% this year, but the viruses in some parts of Asia will remind people that recovers will be uneven.


Bank of America said that Brant crude oil this year may be $ 68 per barrel, but it may reach 100 US dollars a barrel next year, which is resumed to be depressed and increased by private cars.


"Optimistic emotions of demand are now deeply rooted, the market's tightening problem has become the focus of people's attention", the founder of Vanda Insights, Vandana Hari, said. "If the rebound rebounds, it is likely to come from supply."


In a piece of optimism, there is a message that is down to the pressure on China's private refinery enterprises. The second batch of crude oil import quotas allocated to Independent Oil Co., Ltd. decreased by about 35% from last year, which will limit capital inflows in the industry, and the industry accounts for about a quarter of China's crude oil processing capacity.


In addition, increasing optimistic oil prospects is to increase pressure in Saudi and Russia, which will meet next week and consider recovering more production during the epidemic.


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