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USA refinery producers are slowing down production, exacerbating concerns about global crude oil oversupply.
Some top oil refiners in the USA are reducing their operation of refining facilities this quarter, which is exacerbating concerns about the global oversupply of crude oil products.
Yangtze Securities: Is it still worth allocating PetroChina, Sinopec, and CNOOC in the face of 'Trump trade' or US recession?
Many environmental factors have changed, leading to potential differences in the crude oil industry in Trump's next term compared to the previous one.
Poor economy drags down the market and soaring risk aversion pressures oil prices to plummet.
This week (8.1-8.7), crude oil product overall showed a trend of falling first and then rising. The average price of WTI this week was $74.24 per barrel, a decrease of $2.54 per barrel or -3.31% from the previous week.
Crude Oil Prices Trending Down – NAB Group
Oil Prices Fall on Demand Concerns as U.S. Data Points to Slowing Economy
WTI Falls to Near $73.00 Despite Rising Supply Risks Due to Middle East Tensions
Concerns about demand have become the main market tone. Brent crude oil fell to a six-month low at one point, while US oil fell more than 4% during trading hours.
Despite the significant escalation of geopolitical tensions in the Middle East this week, which once briefly pushed up crude oil prices, the concern about economic recession has become the main market sentiment, and investors are worried about the demand for crude oil. Oil prices fell sharply on Friday, falling for four consecutive weeks, marking the longest decline since December last year.
Oil Rises on Middle East Tensions But Demand Concerns Linger
Poor prospects for supply and demand expectations led to a drop in oil prices to a two-month low.
Crude oil product showed a trend of first suppression and then rise overall this week (7.25-7.31).
Express News | Shares of Oil and Gas Stocks Are Trading Lower. Weakness in the Sector May Be Due to Wore-than-expected US Economic Data, Which Could Pressure Demand Outlook