Oil prices rebounded because the market believes that the U.S. is unlikely to release emergency crude oil reserves or ban exports

Reuters Bangalore October 7-Crude oil futures rebounded on Thursday as the market believes that the United States It is unlikely to release emergency crude oil reserves or ban exports to ease supply tensions.

Brent crude oil futures rose 0.87 US dollars to close at 81.95 US dollars per barrel, an increase of 1.1%; US crude oil rose 0.87 US dollars to close at 78.30 US dollars per barrel, an increase of 1.1% %. Earlier, the two major indicators of crude oil contracts both fell by US$2 per barrel.

The US Department of Energy said on Thursday that it “is considering all tools” to deal with the tight energy supply in the market.

At present, outsiders are speculating whether the US government is considering using its Strategic Petroleum Reserve (SPR) or seeking to ban oil exports in order to reduce crude oil prices.

At the same time, US President Biden’s national security adviser on Thursday urged energy suppliers to increase supply to meet demand. He said the United States is worried about their failure to do this.

The United States also occasionally uses its strategic reserves, usually after hurricanes or other supply disruptions. However, since the end of the 40-year crude oil export ban in 2015, the country has become an important exporter and has never proposed to cut exports.

Earlier this week, the Organization of Petroleum Exporting Countries (OPEC) and its allies (OPEC+) agreed to only gradually increase production, pushing crude oil prices up to years High Point.

Due to the tight global supply, demand in major import markets such as China has recovered faster than expected after the new crown epidemic, and oil prices have been rising steadily.

In a report, INT’s analyst Warren Patterson said, “The oil market is tightening in the short term, which means that oil prices will continue to be affected well before the end of the year. Support.” (End)