International oil prices started from early May to maintain a straight line has been the trend, the price way down from the top 87 U.S. dollars, on May 25 to stage low - 67.15 U.S. dollars / barrel. Starting from Wednesday strong rebound in international oil prices, rose as high as 4.01% that day. At yesterday's electronic trading, oil prices extended gains, up to 72.67 U.S. dollars / barrel 72.65 U.S. dollars reported at 17:00 GMT / barrel.
Delivery to the first inventory in March to drop
Wednesday crude oil market, some good news, NYMEX crude oil futures last week to reduce the inventory delivery to 30 million barrels to 3760 million barrels, which is the inventory data from the first drop since March. In addition, U.S. economic data released Wednesday also more optimistic.
Liu months Everbright Futures analyst, said: "Early in the fall in international oil prices more than 20%, so good news for co-ordination appears oversold bounce, but the short term, the V-reversal is unlikely. "
70 U.S. dollars or are repeated
The current inventory of crude oil market remains high, delivery to the inventory is still in 22% higher than the same period last year. Gasoline consumption, as of May 21 the week to 910 million barrels / day less than the same period last year by nearly 5%. "Ample supply, while consumer prices low to prevent the rebound." Months, said Liu.
On the other hand, since May 19, the dollar index was high oscillation. Donghua Futures chief analyst Tao Jinfeng that the dollar index as oil prices continue to rise will hinder a rebound. "Around 70 dollars in the market outlook appears repeatedly, does not exclude the possibility of once again test a low, but is unlikely to fall below 65 U.S. dollars." (Dream Rui)