On June 5, according to the analysis of Soochow Futures, the rebound in oil prices before the weekend was mainly due to the fact that the United States avoided debt default through the debt ceiling bill and China’s manufacturing data was better.
The gap in the external market in the morning was mainly due to the dust settled at the OPEC+ meeting in June: the voluntary production cut originally scheduled to end in April this year was extended to the end of next year; Saudi Arabia made an additional production cut of 1 million barrels per day in July, saying that if It can be extended if necessary; the production quotas of other countries are adjusted to be closer to their actual production capacity.
The combination of industry production reduction and US debt ceiling default has been avoided, and oil prices may rebound in the short term, but the height is still constrained by macro pressures such as the possibility of further rise in interest rates.
