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Multiple bearish factors dominate the market, causing WTI to fall below the $70 level.
This week (8.29-9.4), crude oil overall showed a downward trend in volatility. The average price of WTI this week was $72.25 per barrel, a decrease of $2.81 per barrel, or -3.75%, from the previous week. The main factors that led to the pressure and decline in oil prices during the week were: OPEC's increase in crude oil supply, the expected recovery of Libyan crude oil supply, and poor US energy demand.
It is reported that OPEC+ has agreed to suspend production increases, and US crude oil inventories have dropped to a low point in January, causing oil prices to rise and then fall back.
The analysis points out that although the crude oil inventory in the USA has plummeted, there is a risk of the Cushing inventory bottoming out, and OPEC+ has decided to postpone the production increase by two months, but the oil price rebound is weak because the bears are currently dominant.
OPEC+ Members Delay Production Increase Amid Falling Prices
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