Oil prices | international oil prices rose 7 weeks in a row, a new high in more than 7 years, 100 dollars really can not close?


During the Spring Festival holiday, international oil prices rose for the seventh consecutive week, and both broke the $90 mark, hitting a new high in more than seven years.During the last trading week (January 31 to February 4), the main contract of WTI crude oil futures rose 5.30% to close at $91.92 / barrel, and the highest rose to $93.17 / barrel, a 7-year high.Brent crude, the main contract, rose 4.10% to settle at $92.52 a barrel and rose as high as $93.70, also a seven-year high.Analysts widely agree that supply-side tensions helped push oil prices to new highs.”The latest oil price rally was triggered by a cold snap that has heightened concerns about outages in the Permian Basin, the largest U.S. shale play,” Commerzbank commodities analyst Fritsch said in a note.A year ago, extreme cold caused major disruptions in oil production there.”On February 2, the Organization of the Petroleum Exporting Countries (Opec) and non-OPEC producers agreed to raise total oil production by 400,000 barrels per day (BPD) in March 2022, but Opec + members may not be able to meet their quotas due to lack of spare capacity.Supply concerns remain.Data showed that Opec’s 13 members increased production by just 50,000 b/d in January, as a small increase across the group was offset by a 140,000 b/d cut in Libya.The 10 other members of Opec plus increased production by 160,000 b/d, about two-thirds of the target.Russia boosted oil production in January but is still likely to fall below its Opec + production quota for a second consecutive month, even as the country’s producers are already grappling with a lack of spare capacity.Tensions between Russia and Ukraine have also added to worries in the oil market.In 2022, domestic oil prices have experienced two rounds of rising prices, with international oil prices setting new highs. Gasoline 95 has entered the era of 8 yuan, and the oil price in some areas such as Hainan has even exceeded 8.7 yuan.The next oil price adjustment will take place at 24:00 on February 17.As of February 7, the second working day of this round of oil price adjustment, the cumulative increase of oil price of about 155 yuan/ton (0.12-0.13 yuan/liter).

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