Oil prices are rising due to a weaker U.S. dollar and possible decline in US crude oil inventories;
Oil prices rose on Tuesday and are currently trading at around $64 per barrel. The weaker U.S. dollar supports commodity prices and the market expects a decline in US crude oil inventories. However, the increase in Asian new crown cases has suppressed the increase in oil prices.
When the U.S. dollar depreciates, buyers using other currencies will pay less when buying U.S. dollar-denominated oil.
The ING Economics report said: "The weakness of the U.S. dollar continues to provide support for oil-based commodities...although oil demand in certain regions is worrying."
Following the collapse of U.S. Treasury yields last week, the US dollar index fell to a six-week low on Monday and was still not far from the low on Tuesday.
Although oil prices fell at the end of March, the decline was blocked in the middle of this month, so that the oil prices that could have fallen in mid-April finally showed a stranded adjustment. Following the last round of statistical increases in oil prices, the new round of oil price adjustment statistics have been rising for several days in a row. As of today’s statistics on the third working day, the increase has increased for three consecutive days. Today’s increase is even higher than yesterday. 5 yuan, currently it is expected that the oil price will rise by 185 yuan/ton, which is equivalent to an increase of 0.15 yuan per liter to 0.16 yuan per liter. If such an increase is implemented, then the owner will go to the gas station to fill up a 50-liter tank of gas for the private car. Spend about 8 yuan more.
Three days rose nearly "200 yuan per ton"
As can be seen from the statistics in the above table, the current round of oil price adjustment statistics started with an increase of 155 yuan/ton on the first working day, and on the third working day today, oil prices have risen for three consecutive days, and the current increase has reached 185 yuan/ton. Ton, very close to the increase of 200 yuan per ton. This is very bad news. If such an increase continues, I am afraid that oil prices will rise again at 24:00 on the evening of April 28. During the May Day holiday, car owners will once again usher in a new high. Oil prices are inevitable.
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