Today's closing crude oil price

Crédit Agricole said thatToday's closing crude oil price despite the strong support of the Federal Reserve's interest rate hike expectations, buying interest in the US dollar has been low in recent weeks. This situation is unlikely to change in an environment full of uncertainties in American politics. The bank believes that despite the considerable interest rate advantage, the US dollar will still struggle to extricate itself from the predicament.

To be sure, OPEC and its non-OPEC member states agreed to reduce oil supply by 800,000 barrels per day in the end of 206 phase. But at least initially, the fundamentals of the oil market did not reflect this fact.

The increase in international oil prices will increase US inflation expectations, which will speed up the process of the Fed’s rate hike and balance sheet reduction. At the same time, the interest rate of long-term US Treasury bonds has risen, which has narrowed the spread between them. Therefore, the trend of a small depreciation of the renminbi may be inevitable, and there will be a large amount of domestic and foreign capital outflows.

As of the close, US WTI August crude oil futures prices closed up 45 US dollars on Tuesday, or 6%, to 70.5 US dollars per barrel. ICE Brent's August crude oil futures price closed up 58 US dollars, or %, to 7 US dollars per barrel.

As investment in spot crude oil has become increasingly hot, negative news on the market has never ceased. What I hear most is that the spot crude oil investment loses so much that investors have misunderstood and thought it was a scam. In fact, spot crude oil investment is not a lie. It just says that risks must be controlled so that losses can be reduced. The spot crude oil investment market is real, but novice investors still have to be risk-conscious.

At the same time, US shale oil production continues to rise at an alarming rate. There is no denying that the pipeline bottleneck problem will greatly reduce the growth rate of US production, but any decline in US supply has not yet been reflecteToday's closing crude oil priced in the data.