playjackpot| Crude oil trading reminder: The market expects the United States to maintain high interest rates for a long time, and oil prices have been at low levels in the past three months.

Huitong, May 23-Oil prices closed down more than 1 percent on Wednesday, falling for a third day in a row, as Fed officials said inflation could delay interest rate cuts, rekindling concerns about oil demand.

Us crude oil hovered at an one-week low in early Asian trading on Thursday (May 23) and is now trading at 77.Playjackpot.22 dollars per barrel. Oil prices closed down more than 1% on Wednesday, falling for a third day in a row, as fed officials said inflation could delay interest rate cuts, rekindling concerns about oil demand.

Brent crude oil futures closed down 0% on WednesdayPlayjackpot.98 US dollars, or 1.18%, the settlement price is 81.90 US dollars per barrel. Us crude oil futures fell $1.09, or 1.39%, to $77.57 a barrel on Wednesday. Crude oil, both major indicators, fell about 1% on Tuesday.

Officials admitted to being disappointed by the recent inflation reading, but said they still believed price pressures would ease, but at a slower pace, according to minutes of the Fed's meeting from April 30 to May 1.

John Kilduff representation of Again CapitalPlayjackpot: "PlayjackpotI don't expect interest rates to be cut before the autumn meeting. "

The market saw the overall hawkish wording of the Fed minutes, which helped the dollar rise to an one-week high and put pressure on oil prices.

Crude oil stocks rose 1.8 million barrels to 458.8 million barrels in the week ended May 17, while analysts expected a decline of 2.5 million barrels, the EIA said on Wednesday. Crude oil stocks rose by 2.48 million barrels last week, according to the American Petroleum Institute (API).

"Refinery demand for crude oil is strong, and gasoline demand is one of the highest levels we have seen in quite a long time," Kilduff said. He pointed out that the increase in demand was partly due to suppliers hoarding before the long Memorial Day weekend.

The spot crude oil market has been weakening. The rise in the Brent crude contract in recent months is close to its lowest level since January, another sign that concerns about recent supply constraints are easing.

Russian Deputy Prime Minister Alexander Novak said on Wednesday that OPEC+ members will discuss the state of the global oil market at an alliance meeting scheduled for June 1, according to the Interfax news agency.

OPEC+ is an alliance of oil-producing countries made up of the Organization of Petroleum Exporting countries (OPEC) and its allies, including Russia.

Asked about the possibility of adjusting the current OPEC+ agreement, Novak said he did not want to guess the outcome of the meeting.

Investors need to be aware of the change in market expectations for OPEC+ meetings.

Citigroup research said on Wednesday that further OPEC+ production cuts could be unexpected good news, "but in our view, the possibility of expanding production cuts is still very low." It continues to forecast that the average price of Brent crude will reach $86 per barrel in the second quarter of 2024, but will fall to about $70 per barrel in the second half of 2024 and to around $60 per barrel in 2025. "

This trading day will focus on further market interpretation of the minutes of the Fed meeting, changes in market expectations for Fed interest rate cuts, speeches by Fed officials, changes in initial jobless claims in the United States and manufacturing PMI data, and news on the total annualized sales of new homes and the geographical situation after the April quarterly adjustment.

Overall, the Fed's interest rate cut expectations have cooled, the demand outlook has been suppressed, the dollar index has rebounded, EIA crude oil stocks have unexpectedly increased, and geopolitical concerns have cooled, all of which have put oil prices under pressure and face further downside risks in the short term.

According to the daily chart, US crude oil is testing the support near the three-month low of 76.70 reached last week, further supporting the position near the low of 75.53 on February 12, the current MACD re-contact dead fork, KDJ dead cross operation, oil prices lost all moving average support, 21 moving average below the 200-day moving average, and 200-day moving average (close to 80 mark) on oil prices is very obvious, before the recovery of 80 mark Oil prices tend to wobble further downwards.

Before falling below 76.70, you still need to beware of a short-term rebound caused by a long-term counterattack or partial short-term settlement.

Resistance: 77.45, 78.27, 78.92, 80.00

Support: 76.70 / 75.53 / 74.48 / 73.54 / 71.80.

At 08:30 Beijing time, US crude oil is now trading at US $77.18 per barrel.