Oil prices continued to fall to new lows in more than a week, while high Intrerest rates in the United States weighed on fuel demand growth

(1) Oil prices fell on Monday to hit a new low in more than a week, extending the decline of the previous session, and the market believes that higher-than-expected inflation may cause the United States to delay interest rate cuts, and the high Intrerest Rate in the United States will dampen fuel demand growth. (2) Brent crude oil futures April futures fell 0.76% to $81.00 a barrel, the lowest since February 15, and the West Texas Intermediate (WTI) April contract fell 0.85% to $75.84 a barrel, also a new low since February 15. Last week, Brent crude oil fell about 2% and WTI crude fell more than 3% as U.S. inflation rebounded and the market delayed expectations for a U.S. interest rate cut by two months. (3) Tina Teng, an independent analyst at Auckland, said: “Risk sentiment appears to be fading after last week’s Nvidia-led rally, as expectations that Intrerest rates will remain elevated for longer have boosted the dollar and weighed on commodity prices.” ” (4) Fluctuation in oil prices between $70 and $90 per barrel since November, as increased U.S. supply and concerns about weak demand from large Asian countries offset OPEC+ supply cuts as the two wars continue. (5) “Oil prices fell due to lack of new drivers,” ANZ analysts wrote in a note. "Oil prices have been torn between bullish factors such as lower OPEC production and rise geopolitical risks and bearish concerns about weak demand from large Asian countries. ” (6) The conflict between Israel and Hamas in the Middle East continues, with U.S. National Security Adviser Jake Sullivan saying on Sunday that negotiators from the United States, Egypt, Qatar and Israel agreed on the basic framework of the hostage deal during the Paris talks, but negotiations are still ongoing. Israeli Prime Minister Benjamin Netanyahu said it was unclear whether a deal would be reached. (7) Goldman Sachs analysts said in a note that the geopolitical risk premium from Yemen’s Houthi attacks on ships in the Red Sea remains modest, boosting Brent oil prices by only $2 per barrel. (8) However, the bank has raised its estimate for the maximum price of Brent crude oil in the summer from $85 to $87 per barrel, as inventories in the Organisation for Economic Co-operation and Development (OECD) members fell more than expected due to the Red Sea shipping turmoil. Goldman Sachs still expects oil demand to grow by 1.5 million b/d in 2024, but lowered its forecast for demand from large Asian countries while raising its forecast for demand in the United States and India. (9) Separately, investors are closely watching the impact on Russian oil supply after the United States sanctioned Moscow’s main tanker group Sovcomflot last Friday