Benefited from bullish factors such as the production cut plan, the promotion of the new crown pneumonia vaccine and the US rescue aid, international oil prices closed up more than 2% on the 12th, reaching a 13-month high. However, analysts warned that oil prices may already be “bubbling.”
London Brent April crude oil futures rose 2.1% to 62.43 per barrel on the 12th USD, Rushed to 62.83 USDHigh point in more than a year: a cumulative increase of 5.2% in the past week.
West Texas Intermediate crude oil futures in March also rose 2.1% to 59.47 per barrel USD, Setting the highest level since January 2020, and for the first time in more than a year. USDCheckpoint.
International oil prices have risen by 23% this year, and technical indicators also show that the market is about to go back. Market analysts worry that oil prices may rise too far.
Regina Mayor, head of KPMG’s global and US energy departments, pointed out that international oil prices are already “bubbling”, and the delivery price of West Texas Intermediate crude oil may not be able to stand up to 58 USDToo long.
Van Cleef, senior energy economist at ABN Amro, also believes that according to fundamental analysis, the argument for further increases in oil prices is weak, and if it goes higher, the rise may not continue.
The main reason for this wave of rising oil prices is that the production reduction measures of the Organization of Petroleum Exporting Countries and partner countries (OPEC+) have successfully reduced the global excess inventory; the actual demand in China and India has also improved significantly, and the number of vaccinations has increased. People start to go out, and the market expects that demand in the oil market will increase, which will in turn support oil prices.
However, Mayor believes that these factors can only support West Texas Intermediate Crude Oil at 50 USDAround, not close to 60 USD。
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