On Tuesday, Eastern Time, international oil prices closed higher, with U.S. oil closing at $67.42 per barrel. As of the close, New York's August crude oil futures closed up $1.00, or 1.51%, to $67.42 per barrel; Brent's September crude oil futures closed up $0.73, or 1.06%, to $69.35 per barrel.
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After Saudi Arabia and the United Arab Emirates resolved a week-long deadlock, OPEC+ announced on Sunday (July 18) that monthly production levels will increase by 400,000 barrels per day from August until the final lifting of the production restrictions imposed last year in response to the pandemic. On Monday (July 19), crude oil futures prices plummeted and fell below the $70 per barrel level, with WTI crude oil prices hitting their biggest single-day decline since September last year.
Standard Chartered: The period of the most tense supply in the oil market has passed. The fundamentals in 2022 are weak
Standard Chartered analyst Paul Horsnell said in a report that the oil market is worried that the recent market supply tension is fading and that there may be oversupply in 2022. The most tense period has passed, and the fundamentals in 2022 are weak. If supply tensions are now starting to ease, OPEC+'s decision to announce a steady increase in production could be a wrong choice. Supply and demand situations suggest that demand may not be tight enough to cause idle capacity to drop to dangerously low levels, or push prices above $100 per barrel.
(Article source: Oriental Wealth Research Center)
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