Newsletter summary
Oil prices rose slightly, monthly difference structure rebounded slightly, the number of initial claims for unemployment benefits in the United States increased, OPEC + may extend the production reduction agreement in June, China's crude oil imports increased year-on-year in April, and Brent crude oil prices are expected to remain at 75-90 US dollars per barrel.
Text of news flash
[oil prices rose slightly, and the market expects OPEC to extend the production reduction agreement in June] Oil prices rose slightly on Thursday, extending the previous trading day.World777bettingThe rebound momentum. Although investors are cautious about chasing higher oil prices, the market as a whole shows signs of picking up. The monthly spread structure also rose slightly, with oil prices gaining support in the February volatility range. According to data released by the U.S. Department of Labor in the evening, the number of first-time claims for unemployment benefits increased by 2% in the week ended May 4.World777betting. 20, 000 people, a seasonally adjusted 231000, exceeding market expectations. The dollar fell, while risky assets such as crude oil and copper rebounded. In addition, negotiations on a cease-fire between Kazakhstan and Israel are still under way, but supply and demand investors are looking forward to OPEC + progress on production cuts in the second half of the year. WTI crude oil futures closed up 27 cents, or 0.34 percent, at 79.26 U.S. dollars per barrel, Brent crude oil futures closed up 0.30 percent, or 0.36 percent, at 83.88 U.S. dollars per barrel, and INE crude oil futures closed up 0.75 percent at 619.4 yuan. In addition, the dollar index fell 0.27% to 105.22, the Hong Kong exchange dollar was unchanged at 7.2147, the 10-year Treasury note rose 0.19% to 109.02, and the Dow Jones industrial average rose 0.85% to 39387.76. OPEC will no longer publish global forecasts for its crude oil demand and will instead focus on the broader OPEC + group oil demand forecast, according to people familiar with the matter. This change reflects the long-term cooperation between OPEC members and the wider organization. China imported 44.72 million tons of crude oil in April, up 5.45 per cent from a year earlier, according to the General Administration of Customs. In the first four months, China imported 182 million tons of crude oil, up 2 per cent to 4256.2 yuan per ton, up 5.6 per cent. Analysts at Goldman Sachs predict that OPEC + may extend the production reduction agreement in June and is no longer expected to announce a partial cancellation of voluntary production cuts. Goldman Sachs believes that an unexpected rise in inventories has made it less likely to increase production. At the same time, Saudi Arabia will support its short-term oil profits as part of its production reduction plan. Goldman Sachs expects Brent crude to remain between $75 and $90 a barrel.
