SunSirs: China Domestic SC Crude Oil Futures fell on August 3
August 04 2023 14:48:47 SunSirs (Selena)
Yesterday's overnight crude oil futures saw a significant decline. The settlement price of the main contract for WTI crude oil futures in the United States was $79.49 per barrel, a decrease of $1.88 or 2.3%. The settlement price of the main contract for Brent crude oil futures was $83.20 per barrel, a decrease of $1.71 or 2.0%. On Thursday, the domestic SC crude oil market followed the trend of decline, with the main contract closing at 605.5 RMB/barrel, a decrease of 2.39%. On the macro level, the strengthening of the US dollar has suppressed oil prices. More importantly, yesterday's news showed that the downgrade of the US credit rating by rating agency Fitch triggered financial market turmoil, and risk aversion sentiment led to a decline in the oil market. The panic sentiment overshadowed the positive news of a decline in US oil inventories.
Prediction: In the near future, crude oil has continued to rise, and there is profit taking and risk aversion behavior in the market. The expectation of tightening market supply in the future still plays a role. It is expected that the oil market will still have upward momentum, but upward resistance will limit the upward range of oil prices.
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