With the sudden surge in international oil prices, will the international crude oil price in the future start a rising cycle?
On March 27, the international crude oil price suddenly began to rebound, rising from around $69 to $73, jumping by $3, or more than 5%.
In addition to WTI crude oil, US crude oil futures are also rising. The price of light crude oil for May delivery on the New York Mercantile Exchange closed more than 5% higher on Monday at $72.81 per barrel, while the price of London Brent crude oil for May delivery rose 4% to $78.03 per barrel.
Since March 7th, the international crude oil price has continued to plummet, reaching a recent low of 64 US dollars per barrel. Even if there was a slight rebound starting on March 20th, it was still not significant. However, the sharp rise on March 27th directly broke through the previous average lines, opening a new round of rising.
In the final analysis, this crude oil price is rising, which is the spread of the Russia-Ukraine conflict in the field of commodities. Crude oil and grain are the two major hard currencies in Russia's hands. With the deepening of sanctions from both sides, the impact on the commodity market will become greater and greater.
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