Oil price: The longest upward trend in two years. Analyst: far beyond the fundamentals

Oil prices rose, rising for the ninth consecutive day, the longest upward trend in two years.

The settlement price of Brent crude oil rose by 0.38 US dollars, or 0.6%, to US$61.47 per barrel, and hit a 13-month high of US$61.61 per barrel during the session; the US crude oil settlement price rose by US$0.32, or 0.6%, to US$58.68 per barrel. The intraday also hit a 13-month high of 58.76 US dollars per barrel.

The U.S. Energy Information Administration (EIA) said on Wednesday that U.S. crude oil inventories unexpectedly dropped by more than 6 million barrels last week, to 469 million barrels, the lowest level since March 2020, because refineries have increased their capacity utilization amid rising fuel demand. To the level before the outbreak in March last year. The Reuters survey is expected to increase by 985,000 barrels.

Brent crude oil has now risen for nine consecutive trading days, which is the longest rising trend since December 2018 to January 2019. US crude oil prices rose for the eighth consecutive day. Some analysts say that prices have far exceeded fundamental factors.

IEA: India will become the third largest energy consumer

According to a report released by the International Energy Agency (IEA) on Tuesday (9th), in the next 20 years, India will surpass the European Union and become the world's third largest energy consumer by 25% in 2030.

Under the current policy assumptions of the Indian government, by 2040, India's gross domestic product (GDP) will grow to 8.6 trillion US dollars, and energy consumption will nearly double. It is estimated that India's oil demand is expected to increase from approximately 5 million barrels per day in 2019 to 8.7 million barrels per day in 2040. As the world's second largest net oil importer after China, India currently imports 76% of its crude oil. The IEA stated that India’s dependence on overseas oil is expected to rise to 90% by 2030, and then to 92% in 2040.