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Crude oil is bright and popular for six consecutive rises.


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Time:2020-05-22

【Summary】On Thursday (May 21), oil prices continued to rise in the market. At 08:10 a.m. Canadian time (23:10 Beijing time), the price of WTI crude oil for June futures rose by 0.5 US dollars, or 1.52 percent, to 33.99 US dollars per barrel. Brent crude oil futures rose $0.76, or 2.13 per cent, to $36.51 a barrel, hitting an intraday high of $36.98 a barrel.

On Thursday (May 21), oil prices continued to rise in the market. At 08:10 a.m. Canadian time (23:10 Beijing time), the price of WTI crude oil for June futures rose by 0.5 US dollars, or 1.52 percent, to 33.99 US dollars per barrel. Brent crude oil futures rose $0.76, or 2.13 per cent, to $36.51 a barrel, hitting an intraday high of $36.98 a barrel.
Oil prices pushed higher on Thursday, rising for the sixth day in a row, the longest gain in 15 months, as production cuts rebalanced a market hit by the outbreak.
After the historic agreement reached last month, OPEC implemented a significant production cut. Some producers, led by Saudi Arabia, have also committed to further production cuts starting in June.
Producers in Alberta, Canada, also cut production by 1 million barrels per day, and those volumes will only gradually recover as market conditions improve, according to Alberta Energy Minister SonyaSavage.
Crude oil prices have already risen more than 80 percent this month as production cuts have begun and demand has begun to pick up.
However, there is still a long way to go to return to pre-epidemic consumption levels, and a sharp rise in physical prices could lead to the risk of a premature recovery in production.
Dallas Fed President RobertKaplan said in an interview that the current U.S. oil embargo may have peaked.
"Many blockades will resume at the end of this year," RobertKaplan added."
"There is growing optimism that oil demand will continue to pick up, and that is now showing a lot in prices," said EdwardMoya, senior market analyst at OANDA."
At 08:10 Gassi time (23:10 Beijing time), the US WTI crude oil futures price was reported at US $33.99/barrel.
(From Zhang Xuekun, responsible editor of China Energy Network)
 

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