中文
In terms of the trend of upstream crude oil, analysts of Meierya futures said that the US Energy Information Agency (EIA) lowered its forecast for global crude oil demand in 2020 once again, and when countries gradually drew up the resumption plan, the market was still worried about the second outbreak of the epidemic, which also affected the investment sentiment of crude oil futures market.
In the context of a sharp decline in demand, OPEC + oil ministers hope to maintain the 9.7 million barrels / day oil production reduction after June, rather than gradually reduce the production reduction according to the April OPEC + oil production reduction agreement. OPEC hopes to reverse the supply and demand surplus situation by increasing production reduction to ease the pressure on global crude oil inventory. Driven by OPEC’s production reduction, the growth rate of crude oil inventory declined, but the absolute volume is still increasing. In addition, crude oil inventory increased by 7.58 million barrels to 526.2 million barrels in the week of May 8, according to the American Petroleum Institute (API), while crude oil inventory in Cushing area decreased by 2.3 million barrels. After the oil price meets the key resistance level, the continuously increasing inventory data will continue to pressure the oil price.