SMM News: the United States returned to work in the Gulf of Mexico after the hurricane dissipated, and US crude oil made a short-term pullback on Monday. China's better-than-expected June data (excluding the annual GDP rate) had a positive impact on US crude demand on Monday, while the UK was embroiled in geopolitical tensions between the US and Iraq, with a decline in the total number of US oil wells and a subsequent fermentation of summer oil peaks, providing some support for US crude.
Iran and the United States will negotiate this week
The situation in the United States and Iran and the prospect of the Iranian nuclear agreement continue to arouse concern. The United States issued a visa to Iranian Foreign Minister Zarif on the 14th to attend a United Nations meeting in New York this week. Iranian President Ali Akbar Rouhani said today that Iran is willing to negotiate if the United States lifts sanctions against Iran and returns to the nuclear agreement. On the other hand, France, Britain and Germany called on the 14th to stop the dangerous escalation of the Iranian nuclear issue, ease tensions and restart negotiations. Earlier, the US government said it could negotiate a new nuclear agreement and security issues with Iran, but Iran had offered terms for talks to allow Iran's oil exports to return to levels before the US withdrew from the nuclear deal. Us President Donald Trump has said he is about to step up sanctions against Iran. The heads of state and government of Germany, France and the United Kingdom issued a joint statement expressing concern that the pressure of US sanctions and Iran's decision not to comply with some of the key provisions of the agreement could lead to the collapse of a comprehensive agreement on the Iranian nuclear issue. The three countries are very concerned about the increasingly serious security situation in the region due to the attack on oil tankers in the Persian Gulf. We believe that it is time to act responsibly to seek to stop the escalation of tensions and to begin a renewed dialogue. Iran announced on July 8 that its enriched uranium abundance has exceeded 3.67% under the Iranian nuclear agreement, and that increasing the enriched uranium abundance to 20% and increasing the number of centrifuges are the next options for Iran to reduce its obligations under the Iranian nuclear agreement. The Iranian authorities believe that since the United States unilaterally abandons the Iranian nuclear agreement, Iran can also refrain from implementing the treaty.
U. S. crude oil last week due to the Gulf of Mexico storm, coupled with the U. S. Energy Agency inventories fell more than expected, stabilized the 60 mark. However, US crude oil did not rebound in early trading in Asia on Monday, and although China's June data (excluding GDP) were better than expected, especially retail sales data were much better than expected, the risk of an international trade situation increased, leaving investors sceptical about crude oil demand.
The long and short factors are intertwined, and investors need to pay close attention to the new trends in the US-Iraq issue that may break out at any time this week. If negotiations between Iran and the United States fail, US crude oil bulls will attack; trade clouds may cause US crude oil to fall below the 60 mark, which is expected to make up for the short position.
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