Friday, Eastern Time, InternationalOil priceIt rose for three consecutive days, reversing the downward momentum of the previous two weeks. As of the close, New York September crude oil futures closed up 0.16 US dollars, or 0.22%, to 72.07 US dollars per barrel; Brent September crude oil futures closed up 0.31 US dollars, or 0.42%, to 74.10 US dollars per barrel.
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U.S. oil’s weekly stoppage for two consecutive overcasts may usher in bargain-hunting buying opportunities
U.S. oil rose slightly on July 23, as the market expected that supply would remain tight as demand recovers. Earlier this week, oil prices and other higher-risk assets fell due to concerns about the widespread economic impact of the surge of new coronavirus infections in the United States, the United Kingdom, Japan and elsewhere. Because investors expect that the overall demand for crude oil will remain strong, driven by the continued decline in oil inventories and rising vaccination rates.Bank of AmericaGlobal research still believes that OPEC+’s promotion of crude oil and distillate prices is a buying opportunity, and Brent crude oil will reach US$100/barrel next year.
International oil prices stabilized this week, oil distribution may rise to $85 in the fourth quarter
On July 23, the intraday rise in international oil prices slowed down, but after rebounding from the sharp fall at the beginning of the week, it remained basically stable at the end of the week. This is because supply is expected to remain tight while demand recovers. .AnalystThey said they have seen rising vaccination rates limit the impact of the surge in Delta variant infections, and they have been raising their oil price forecasts for the rest of the year. Previously, OPEC+ formed by the Organization of Petroleum Exporting Countries and its allies reached an agreement to increase the monthly supply of 400,000 barrels per day from August to December.Commonwealth of AustraliaBank(CBA) Commodity Analyst Vivek Dhar said in a report: “We continue to see oil prices rise in the second half of 2021 because oil demand growth exceeds supply growth.” CBA believes that ICE Brent crude oil in the fourth quarter Will rise to $85.
(Article Source:Oriental wealthResearch center)
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