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After crude oil futures reached their 2016 high on Thursday (April 28), traders took profits, while analysts said that reduced supply, strong investor demand and a weak US dollar may soon make it new highs
.
Brent crude oil futures were quoted at US$47.
05 per barrel at 7:29 pm Beijing time, which was 13 cents lower than the previous settlement price
.
US crude oil futures fell 19 cents to $45.
14, having earlier reached a high of $47.
47
.
Brent crude oil and US crude oil have each rebounded more than 70% since the lows in January and February 2016.
Government data on Wednesday showed that US crude oil inventories increased by 2 million barrels last week to 54.
06 million barrels, a record high
.
Although oil prices have fallen, analysts said that the sentiment of the crude oil market is clearly bullish, and oil prices may rise further
.
Commerzbank said on Thursday that there is nothing to stop oil prices from rising
.
Analysts also said that Venezuela is facing a severe electricity crisis, which will immediately cause crude oil supply risks, and the market needs to digest this situation
.
The decline in US crude oil production is also a major factor supporting the rebound in oil prices
.
US Energy Information Administration (EIA) data show that crude oil production fell to 8.
94 million barrels per day last week, a drop of nearly half from the previous month
.
However, Commerzbank warned that after the oil price reaches $50, shale oil producers should start operations again
.
Some producers may also use high oil prices to hedge transactions, which will prevent oil prices from falling in the future
.
Analysts said that the US dollar has depreciated by nearly 6% against a basket of major currencies this year, and the continued weakness of the US dollar will cause oil prices to rise further
.
The weakness of the U.
S.
dollar will make it cheaper for countries using other currencies to buy U.
S.
dollar-based crude oil
.
The Federal Reserve (FED) said on Thursday to keep interest rates unchanged, while the Bank of Japan said it would not expand monetary stimulus, pushing up the yen against the dollar
.
.
Brent crude oil futures were quoted at US$47.
05 per barrel at 7:29 pm Beijing time, which was 13 cents lower than the previous settlement price
.
US crude oil futures fell 19 cents to $45.
14, having earlier reached a high of $47.
47
.
Brent crude oil and US crude oil have each rebounded more than 70% since the lows in January and February 2016.
Government data on Wednesday showed that US crude oil inventories increased by 2 million barrels last week to 54.
06 million barrels, a record high
.
Although oil prices have fallen, analysts said that the sentiment of the crude oil market is clearly bullish, and oil prices may rise further
.
Commerzbank said on Thursday that there is nothing to stop oil prices from rising
.
Analysts also said that Venezuela is facing a severe electricity crisis, which will immediately cause crude oil supply risks, and the market needs to digest this situation
.
The decline in US crude oil production is also a major factor supporting the rebound in oil prices
.
US Energy Information Administration (EIA) data show that crude oil production fell to 8.
94 million barrels per day last week, a drop of nearly half from the previous month
.
However, Commerzbank warned that after the oil price reaches $50, shale oil producers should start operations again
.
Some producers may also use high oil prices to hedge transactions, which will prevent oil prices from falling in the future
.
Analysts said that the US dollar has depreciated by nearly 6% against a basket of major currencies this year, and the continued weakness of the US dollar will cause oil prices to rise further
.
The weakness of the U.
S.
dollar will make it cheaper for countries using other currencies to buy U.
S.
dollar-based crude oil
.
The Federal Reserve (FED) said on Thursday to keep interest rates unchanged, while the Bank of Japan said it would not expand monetary stimulus, pushing up the yen against the dollar
.
