U.S. crude oil production continues to increase, oil prices in New York drop to a 5-week low

On the evening of the 1st Beijing time, crude oil futures prices closed on Monday at their lowest level in nearly five weeks
.
The prospect of the OPEC production cut agreement is unclear, and the market’s concerns about the increase in U.
S.
crude oil production have put pressure on oil prices
.
Tyler Richey, co-editor of Sevens Report, said: “As OPEC’s future policy prospects are still unclear, in the medium term, the factor of rising U.
S.
crude oil production is still the biggest resistance to oil prices
.
” The West Texas Central for delivery in June on the New York Mercantile Exchange The price of WTI futures fell 49 cents, or 1%, to close at $48.
84 per barrel
.
? London Intercontinental Exchange Brent crude oil futures prices fell 53 cents, or 1%, to close at 51.
52 US dollars per barrel
.
Bob Yawger, head of Mizuho SecuritiesUSA’s futures department, said: “High gasoline inventories are very unfavorable
.
There is a large amount of inventory in the market, but there is not such a high demand
.
” The Organization of Petroleum Exporting Countries (OPEC) production cuts did not reduce the global surplus as quickly as expected.
Crude oil inventories, analysts said, the market is caught in a game between OPEC's production cut and US production increase
.
? OPEC-led production cuts have slowed the growth of global inventories, but inventory levels are still far from the five-year average
.
? At the same time, US crude oil production continued to increase
.
Baker Hughes said on Friday that the number of active drilling rigs in the United States increased by nine last week, the highest since April 2015
.
U.
S.
crude oil production rose to its highest level since August 2015
.
Harry Tchilinguirian, head of commodity strategy at BNP Paribas, said: "The recovery in U.
S.
crude oil production will dilute the impact of OPEC's production cuts
.
"