Last week, oil prices showed a weak decline overall, and US crude oil fell to a key support position of US$80/barrel. From a fundamental point of view, there are two negative points: First, the United States invites Japan, South Korea and other major consumer countries to jointly release crude oil reserves to jointly reduce oil prices; Second, the Biden administration requires the Federal Trade Commission to investigate possible illegal behavior in the gasoline market, and the market is concerned. The next bulls leave; in addition, Austria will enter a complete lockdown this week. The surge in new coronavirus cases in Europe may lead to further restrictions. Concerns about the impact of the epidemic on economic recovery weigh on the oil market sentiment.
Therefore, although US crude oil inventories are still declining, the negative sentiment caused greater downward pressure on the disk. On Friday, European and American crude oil futures plunged by about 3%, to their lowest level in seven weeks. The settlement price of Brent crude oil for the first month fell below US$80 per barrel for the first time since October 1.
This week, the market may usher in specific measures taken by various countries to curb high oil prices and release crude oil reserves. At present, the oil market has almost priced the negative release of crude oil reserves, and low inventories provide strong support to the oil market.
Crude oil trend analysis: Crude oil closed at a low level on the daily line, and the weekly closing line also closed at the bardoline K line. Partial correction of weekly mid-yin line. Downward exploration did not recover quickly, and the short-term and mid-week period continued appropriately. Daily breakthrough line 78.2. Short-term small double top adjustment, double top at 85.3. Crude oil formed a short-term step within 4 hours and fell in shock. After breaking the low point, short-term formation accelerated. At the same time, the middle rail is the critical point of strength. Last Friday, the middle rail was under pressure, and it was also the second highest point at 79.3. This is the short defensive point this week, and the weak correction rebound is not too high. If it is too high, it will become a shock. From a small cycle perspective, after the potential breakthrough, the weakness will continue to be weakened. In general, as far as the short-term operation thinking of crude oil today is concerned, it is mainly to rebound from the high altitude, and to regain the low price as a supplement.
In general, news of the release of crude oil reserves by major Asian countries has contributed to the decline in oil prices, but the unclear scale of the release and the attitudes of other countries have made investors worry that the release of reserves will have limited effect in curbing oil prices. Further statement of crude oil reserves. If countries accept the release of crude oil reserves, oil prices may drop significantly to the 70 mark.
Post time: Nov-26-2021
