After a sharp drop from mid-April to May, international crude oil stopped falling and rebounded in June.Looking forward to the market outlook, we believe that the crude oil market will usher in several positives: the summer U.S. car travel season will drive gasoline consumption, the U.S. will repurchase crude oil to replenish strategic reserves, the possibility of the Fed cutting interest rates in September will increase due to cooling inflation, and China's economic recovery will bring import demand in the third quarter pick up. The risk factor is that OPEC's resumption of production exceeds expectations, leading to a sharp rebound in supply.Short-term supply contraction, medium-term or recovery expansionIn the second quarter of 2024, global crude oil production will continue to shrink. A
Will Oil Prices Continue to Drop or Rebound?
Oil prices continue to fall to $73. OPEC+ has agreed to extend all production cuts until next year. This agreement may indicate that oil prices will remain high until after the U.S. presidential election. ----------------- Will oil prices continue to drop to $60? Or will oil rebound after the production cut?
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