Oil Futures Plummeted due to the Economic Unrest Sweeping the Market

According to Bloomberg News on June 11th, the day after the Federal Reserve announced its gloomy economic forecast, the crude oil futures price hit the biggest drop since late April.

This decline is likely to undermine the recovery of crude oil from the historic fall below zero in April. Federal Reserve Chairman Jerome Powell said on Wednesday that COVID-19 continues to pose considerable risks to the economy. The driving force of oil price rebound comes from the reduction of production by both OPEC and its allies, and the relaxation of blockade measures related to the COVID-19 epidemic.

In addition, US crude oil inventories are at a record high. In view of the possibility of the second wave of COVID-19 cases in some US States, the real prospect of recovery of crude oil demand has not yet emerged.

Thomas Finlon of GF International, based in Houston, said: "The surprising bearish data, especially the data on crude oil, and the relatively pessimistic remarks of the Federal Reserve yesterday, coupled with the market's concern about the resurgence of the epidemic, have led to today's weak oil prices."

Emily Ashford and Paul Horsnell, analysts of Standard Chartered Bank, wrote in a report that many people in the oil market are too optimistic and think that the impact of COVID will be a short-term phenomenon.

On the supply side, rising crude oil prices have prompted some producers to re-open valves of production.According to China's Energy Information Administration (EIA), US crude oil inventories increased to 538.1 million barrels last week. This is the highest level of data collected by Bloomberg since 1982.

Crude oil futures price

At 12:40 pm New York time, the July delivery futures price of West Texas Intermediate Crude Oil (WTI) fell by 3.73 US dollars, which is close at 35.87 US dollars per barrel.

Brent crude oil futures for August delivery fell $3.48 which is closing at $38.25 per barrel.

受经济不安情绪席卷市场，原油期货价格暴跌

据彭博社6月11日消息,在美联储(Federal Reserve)公布黯淡的经济预期后一天,原油期货价格创下4月下旬以来的最大跌幅。

这一下滑有可能破坏原油从4月份历史性跌破零的复苏。美联储主席Jerome Powell周三表示,新型冠状病毒继续对经济构成相当大的风险。石油反弹的动力来自于欧佩克及其盟国的减产,以及与新冠肺炎大流行相关封锁措施的放松。

此外,美国原油库存正处于创纪录的高位,鉴于美国一些州可能出现第二波新型冠状病毒病例,真正的原油需求复苏前景仍未出现。

总部位于休斯顿的GF International的Thomas Finlon表示:“令人惊讶的看跌数据,特别是原油方面的数据,以及美联储昨日相对悲观的言论,加以市场对疫情卷土重来的担忧,都导致了今天的油价疲软。”

渣打银行分析师Emily Ashford和Paul Horsnell在一份报告中写道,许多石油市场人士过于乐观,认为新型冠状病毒的影响将是短期的短暂现象。

在供应方面,原油价格上涨促使一些生产商重新打开阀门。据国能源信息署(EIA)的数据显示,上周美国原油库存增加至5.381亿桶。这是自1982年以来彭博社收集数据的最高水平。

原油期货价格

纽约时间中午12:40,西德克萨斯中质原油(WTI)7月交割期货价格下跌3.73美元,收于每桶35.87美元。

8月交割的布伦特原油期货价格下跌3.48美元,收于每桶38.25美元。