Summary: Multiple factors caused international oil prices to plunge by more than 10%

Due to multiple factors prompting investors to take profits, the price of international crude oil futures fell sharply on the 9th, and fell by more than
10% at the close.

Light crude futures for April delivery fell $15, or 12.
13%, to close at $108.
7 a barrel on the New York Mercantile Exchange by the close of the day; London Brent crude futures for May delivery fell $16.
84, or 13.
16%, to settle at $111.
14 a barrel
.

Phil Flynn, senior market analyst at Price Futures Group, said that oil prices have fallen
back due to news that Russia and Ukraine will conduct a new round of negotiations and that members of the International Energy Agency may release more strategic crude oil reserves.

Yusuf Otaiba, ambassador of the United Arab Emirates to the United States, a major oil producer, said on the 9th that the UAE tends to increase oil production and will encourage the Organization of the Petroleum Exporting Countries (OPEC) to consider increasing production
.

Bob Joje, head of energy futures at Mizuho Securities USA, believes the UAE has the ability to quickly increase crude oil production by about
800,000 barrels per day.

Iraqi Oil Minister Ihsan Ismail said on the same day that Iraq could increase production
if OPEC and production reduction partners request.

John Kilduff, founding partner of Reinvest Capital Management, pointed out that oil prices exceeded $130 per barrel in previous days reflecting the market's concerns
about the complete interruption of Russian oil supplies, OPEC's insistence on not increasing additional production, and the continued deterioration of the situation in Ukraine.
It now appears that there are fewer concerns about these areas
.

Professionals said that at present, the market oil supply has not been massively reduced, and high oil prices have had a negative impact on demand, and if the situation in Ukraine eases in the coming weeks, oil prices are expected to fall
further.

Taylor Ritchie, co-editor of the US market research journal "7 Points Market Report", believes that the current New York crude oil futures price reflects "overbought", and oil prices may be revised
downward.

UBS said that while oil prices have risen sharply this year, there is room for further gains in some commodity prices, and the group has raised its price expectations
for the commodities sector.

According to data released by the US Energy Information Administration on the 9th, the US commercial crude oil inventory last week was 412 million barrels, down 1.
9 million barrels from the previous month; the average crude oil production on Sunday remained at 11.
6 million barrels
.