Reported 7 months ago
On June 12, 2024, after hitting a short-term low at the beginning of the month, New York oil prices bounced back more than 8%, reclaiming the short and medium-term averages. However, the quarterly trendline has become a downward resistance, nearing the $80 integer level. Therefore, it is advised to view any deep falls as rebounds before breaking the trendline. OPEC's latest report forecasts global oil demand to increase by 2.25 million barrels per day in 2024 and 1.85 million barrels per day in 2025, with economic growth and oil demand predictions remaining unchanged. Market awaits key US and China Consumer Price Index (CPI) data and Federal Reserve (Fed) policy meeting results, with rate cuts aiming to stimulate economic growth, potentially increasing energy demand and driving crude oil demand and prices up. Investors can participate in oil market trends through exchanges offering Brent crude oil futures with a margin of 65,000 yuan per contract and a tick of 100 yuan, with trading covering night sessions to meet global market trading needs.
Source: YAHOO