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SunSirs: Energy, Economy Restart Leads to Crude Oil Rebound, WTI Crude Oil Rose 20% last Week
May 11 2020 10:51:28SunSirs(Selena)

Last week, international crude oil prices rose all the way. At the end of May 5 local time, WTI crude oil futures rose 20.5% to $24.54/ barrel in June, the highest since July last year. Brent crude oil futures rose 13.86% to $30.97/ barrel in July, rebounding more than 80% from the low in April. After that, oil prices fell slightly on Wednesday, but continued to rebound on Thursday and Friday. On Friday, U.S. WTI crude oil futures rose 4.59% to $24.63/ barrel in June, while Brent crude oil futures rose 4.72% to $30.85/ barrel in July. Industry insiders pointed out that at present, crude oil should pay close attention to three major factors, mainly the improvement speed of crude oil demand; the speed of non OPEC+ oil producers responding to price fluctuations, and the length of OPEC+ production reduction time.

However, the crude oil market in June will be more balanced, and with the voluntary production reduction agreement of OPEC+, crude oil will move towards a more balanced oil market.

 

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