Severe storms in the Black Sea region interrupted Kazakhstan and Russia's oil exports of up to 2 million barrels per day.The Ministry of Energy of Kazakhstan said that the average daily oil production of Kazakhstan's largest oilfield will be reduced by 56%.This has led to the possibility of short-term supply constraints and pushed up crude oil prices.Secondly, a report from the U.S. Energy Information Administration showed that U.S. crude oil and distillate stocks unexpectedly increased last week, indicating weak demand.Although gasoline inventories increased more than expected, these effects were offset by the large consumption of other refined products such as fuel oil.This has also played a certain supporting role in the rise in crude oil prices.
Investors' attention to the results of the upcoming OPEC+ meeting has also pushed up crude oil prices to a certain extent.The OPEC+ Group of Oil Producing Countries will decide on the level of oil production in 2024 at the meeting.So we must pay attention to the final result of the OPEC+ meeting
I also said yesterday that oil is still above the trend line and maintains an upward trend, reaching a maximum of 78.75 today.
So you can still buy at the support point today, or it will be more secure to wait for the meeting before trading.
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