Biden put another "mouth cannon" oil price fell from a seven-year high

author：Wall Street Sights 2022-01-20 14:28:00

On January 20, international oil prices retreated from their highest closing point since 2014.

Oil prices have risen by about 30 percent since the end of November last year. On January 19, WTI oil prices once hit a high of $86.61 / barrel, as of press time, WTI reported $85.82 / barrel.

Biden put another "mouth cannon" oil price fell from a seven-year high

According to Bloomberg, U.S. President Joe Biden promised to continue his efforts to lower oil prices. Biden said the administration is working to increase existing supplies, but it is very difficult.

The American Petroleum Institute reported that U.S. crude inventories increased by 1.4 million barrels last week.

In November, Biden announced a partnership with India, Japan, South Korea and other countries to release 50 million barrels of oil from the Strategic Petroleum Reserve, and the Biden administration sold 18 million barrels of oil from the reserve, which is expected to be released to the market in February and March this year.

National Security Council spokeswoman Emily Horn said in a Statement Jan. 18 that the White House plans to continue monitoring prices in the context of global growth and discussing with OPEC+ countries if necessary.

Rising oil prices have become a major factor in the spike in inflation during Biden's tenure, and rising oil prices have reduced Biden's approval ratings. Democrats will have a harder time maintaining a majority in both houses in the November midterm elections.

At the same time, rising oil prices pose a huge challenge to oil-consuming countries and their central banks, and rising inflation has prevented them from resuming economic growth as soon as possible.

In addition, the crude oil transportation pipeline from Iraq to Turkey, which was previously interrupted due to fires, resumed transportation yesterday, which also weighed on oil prices.

Even so, Wall Street remains bullish on the crude oil market for a long time. Goldman Sachs expects crude oil prices to recover to $100 a barrel in the third quarter of this year, while the International Energy Agency says demand is on track to reach pre-pandemic levels.

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Biden put another "mouth cannon" oil price fell from a seven-year high

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