After the end of the hottest crude oil, it continu

2022-09-21
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Crude oil ended a series of gains and losses and remained concerned about the situation in Iran

on Monday (February 27), the rise for seven consecutive trading days triggered investors' profit taking, and crude oil futures on the New York commercial Futures Exchange (NYMEX) and the London Intercontinental Exchange (ice) closed lower

I. summary of international crude oil market closing on February 28:

(I). Nymex2 light and low sulfur crude oil futures contract closed down $1.21 to $108.56/barrel on February 28

(II). On ice2, Brent crude oil futures fell $1.49 to $123.98 a barrel

international crude oil is intuitive and clear; Experimental data and marked tables can be automatically edited into reports and printed. Closing price list unit: USD/barrel

region February 24 February 27 rise and fall

New York WTI 109.77 108.56 -1.21

London Brent 125.47 123.98 -1.49

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on Monday, the U.S. crude oil futures stopped rising for seven consecutive days, although the market was suspended by the situation in Iran, But few believe that tensions in Iran will ease soon

II. Fundamental news:

data released by the U.S. Commodity Futures Trading Commission (CFTC) showed that hedge funds and other large investors increased their long positions in crude oil last week to the highest level since May, and prices rose to a nine month high due to tensions in the Middle East. G20 officials issued warnings about the impact of rising oil prices on the global economy, prompting investors to take profits

the tension between Iran and Western countries and the improvement of the U.S. economic outlook have been considered to be the main drivers of the rise in oil prices. Traders expect that concerns over Iran will continue to drive crude oil futures higher

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III. future outlook:

on the 27th, the international crude oil adjusted as scheduled, ending the "seven consecutive suns", but it was not concluded that the oil price has entered a downward track. As previously mentioned, this is only a counterattack by bears leveraging the market's "fear of heights", and it is likely to continue the consolidation of the platform in the short term. In the future, with the increase of uncertainties in the situation in Iran and the dawn of the U.S. economic recovery, It is expected that there is still room for international oil prices to rise

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