Since mid-March, crude oil prices have risen more on the international market. Many industry insiders said that the main reasons for the recent increase in international oil prices are geopolitical tensions and the extended production cuts of OPEC +, which have overshadowed market expectations for the Federal Reserve to cut interest rates.

Since mid-March, crude oil prices on the international market have risen more, rising to a new high in nearly six months. Although they have since corrected back, they are still at a high level. As of April 11, WTI crude oil and Brent crude oil futures prices were US$85.02 and US$89.74 per barrel respectively, up 9.1% and 9.16% month-on-month and up 4.28% and 4.82% year-on-year.

According to many industry insiders, the main reasons for the recent increase in international oil prices are geopolitical tensions and the extended production cuts of OPEC +, which have overshadowed market expectations for the Federal Reserve to cut interest rates. In addition, Mexico's reduction in oil exports has further tightened market supply. Bank of America pointed out in a research report that the expected changes in international oil prices in global economic recovery may cause an average daily supply shortage of about 450,000 barrels in the global oil market in the second and third quarters of this year.

Regarding the later trend of international oil prices, Li Yan, a crude oil analyst at Longzhong Information, pointed out that "OPEC +" production cuts will continue to affect supply, while the economy and demand are expected to pick up. Due to the uncertainty of the geographical situation, international oil prices are expected to remain in the second quarter of this year. Running in the high range; Yan Jiantao, chief analyst of Jiecheng Energy, said that the rise in oil prices since April reflects to a certain extent the seasonal rise in oil prices, and oil prices may fall somewhat in the second half of the year.