SunSirs: China Domestic SC Crude Oil Futures Closed Lower on April 10
April 11 2024 10:57:58 SunSirs (Selena)
On Tuesday, international crude oil fell overnight. The settlement price of the main WTI crude oil futures contract in the United States was $85.23 per barrel, a decrease of $1.20 or 1.4%. The settlement price of the Brent crude oil futures main contract was $89.42 per barrel, a decrease of $0.96 or 1.1%. On Wednesday, April 10th, the domestic crude oil market followed suit, with the main contract for SC crude oil settling at 663.2 RMB/barrel, a decrease of 0.4%. On the one hand, investors take profits at high levels; On the other hand, supply pressure has eased, and with the ongoing negotiations in Gaza, the geopolitical tension has slightly eased. In addition, there are reports that OPEC's production in March showed an increase, which has a certain negative impact on oil prices.
Prediction: In the short term, oil prices will continue to operate at high levels, and it is not ruled out that they may continue to rise after later adjustments. This is mainly due to the unresolved supply side risks and the difficulty 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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