Settlement price: 641.7 RMB/barrel (April 24th)

Analysis: On Tuesday, international crude oil surged overnight. The settlement price of the main WTI crude oil futures contract in the United States was $83.36 per barrel, up $1.46 or 1.8%. The settlement price of the Brent crude oil futures main contract was $88.42 per barrel, an increase of $1.42 or 1.6%. On Wednesday, April 24th, the domestic crude oil market rose with the settlement of the main contract for SC crude oil at 641.7 RMB/barrel, an increase of 0.74%. On a macro level, the US PMI data was lower than expected, and the US dollar weakened, providing support for interest rate cuts. On the supply side, OPEC, the oil producing country, has maintained a scale of production reduction, and combined with data from the American Petroleum Institute, crude oil inventories have unexpectedly decreased. On the demand side, there are still seasonal peak season expectations for gasoline consumption in the United States.

Prediction: In the short term, oil prices will continue to operate at high levels, mainly due to unresolved supply side risks and difficulties in cooling geopolitical conflicts. Moreover, the arrival of the peak driving season in the United States will stimulate gasoline demand. Both supply and demand will provide strong support for oil prices.

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