Latest price of crude oil (3-15): 528.5 RMB/barrel in the aftermarket

Key points of analysis: Overnight international crude oil futures plummeted. The settlement price of the main contract for US WTI crude oil futures was US $71.33 per barrel, a decrease of US $3.47 or 4.6%. The settlement price of the main contract for Brent crude oil futures was $77.45 per barrel, a decrease of $3.32, or 4.1%. Affected by this, the INE market fell within 15 days, with the SC crude oil main contract settling at 528.5 RMB/barrel, down 1.18%. This was mainly due to the negative impact of the previous collapse of banks in Silicon Valley in the United States, as well as the unfavorable inflation report data in the United States, which triggered concerns about financial risks in the market and subsequently dragged down oil demand.

Future Forecast: The downward pressure on the oil market is relatively heavy in the near future. If the financial risks in the United States cannot be resolved in the short term, crude oil may still have downward space. The performance of the supply side is relatively stable, OPEC, the oil producing country, has maintained its production reduction policy unswervingly, and the risks at the supply side are controllable. In the medium to long term, China's demand recovery is expected to be optimistic, which is an important support for the crude oil market. Overall, the oil market may continue to be volatile in the near future, and there are still good expectations for the medium to long term.

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