When will the crude oil market open

When will the crude oil market open

Today's crude oil price opened with a shocking downward trend. The opening price was reported at 622 US dollars, and the shock fell by 0.24 US dollars, a decrease of 0.4%. It is now at 67 US dollars per barrel.When will the crude oil market open Although crude oil prices opened downward, technically speaking, today's oil price upward channel is intact, and there is still the possibility of a sharp rise in the market outlook.

Last Friday, July 6, Iran and China, Russia, Britain, France and Germany held a foreign ministerial meeting in Vienna to save the Iranian nuclear agreement on the verge of collapse. The five countries of China, Russia, Britain, France and Germany stated in the joint statement that they will remain committed to maintaining economic cooperation with Iran, including continuing to carry out oil and gas import and export trade with Iran.

In addition, the "New York Times" quoted the source's report is not completely consistent with CNN. The article quoted a person saying that the United States is ready to resume all sanctions on Iran that were suspended under the Iranian nuclear agreement-this is consistent with CNN reports, but the New York Times source revealed that the United States will also impose new economic punishment.

Technical analysis is a method of predicting price trends and future market trends by studying charts of past market activities and using measurement indicators. Technical analysis focuses on what is actually happening in the market rather than what will happen. It makes charts based on the price and transaction volume of financial instruments and uses them as the main tool.

South Korea also said earlier that it would stop importing Iranian crude oil from July. But the latest report shows the state of South Korea after it stopped importing Iranian crude oil. As the world's largest crude oil importer, South Korea has to face the refusal of some of the world's largest marine insurance companies to take over Iranian oil tanker insurance business.

Earlier, the United States withdrew fWhen will the crude oil market openrom the Iran nuclear agreement, claiming to impose sanctions on Iran and adjust economic sanctions to the highest level. The oil sanctions against Iran have a period of 80 days and will end on the 4th. Trump once tweeted that allies ban the import of Iranian crude oil. Many countries have already withdrawn from the Iranian market in order to avoid secondary sanctions. Again

At that time, the decline in demand for crude oil will drag down oil prices, and the dollar will remain strong, eventually making this negative correlation appear again. Srevov pointed out that historically, the decoupling of the U.S. dollar and oil prices generally lasted only three months. He said: My expectation is that in the next few months, this negative relationship will be re-established-oil prices will fall.

International oil prices have jumped more than 70% in the past year driven by OPEC's production cuts. However, OPEC has recently shown a tendency to push up production again, and it is expected to resume production as early as June due to the increased risk of supply shortages in Iran and Venezuela, and high oil prices have caused major competitors such as the United States to substantially increase production.

Tonight, the market will have a lot of heavyweight data to be announced, the European Central Bank Draghi will release a speech, and the Bank of England will release the minutes of the meeting. In the context of the continued weakness of the euro and the pound, the dollar is expected to gain momentum. In particular, the British pound continued to be in a slump due to the Brexit turmoil, creating a good upside for the dollar, which has a safe-haven attribute.