关注经济及供求，油价窄幅波动

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - On Thursday (April 24), the settlement price of West Texas Intermediate (WTI) crude oil futures for June 2025 on the New York Mercantile Exchange was $62.79 per barrel, up $0.52 or 0.84% from the previous trading day, with a trading range of $61.99 - $63.31. The settlement price of Brent crude oil futures for June 2025 on the London Intercontinental Exchange was $66.55 per barrel, up $0.43 or 0.65% from the previous trading day, with a trading range of $65.80 - $67.02 [1]. - On April 22 local time, the US Treasury Department's Office of Foreign Assets Control (OFAC) announced sanctions on Iranian liquefied petroleum gas (LPG) tycoon Seyed Asadoollah Emamjomeh and his business network, which is responsible for shipping hundreds of millions of dollars' worth of Iranian LPG and crude oil to overseas markets [2]. - The latest data released by the US Department of Labor on Thursday showed that in the week ending April 19, the seasonally - adjusted initial jobless claims increased by 6,000 to about 222,000, in line with the median estimate of economists surveyed by Bloomberg, and remained flat compared with the previous period, close to the lowest level in a year, indicating the robustness of the US labor market despite inflationary pressures [3]. - Looking ahead, the progress of the Iran nuclear negotiations and the reduction of heavy oil supply should be monitored. Low - price consolidation will attract some buying interest, and oil prices may experience a phased increase, but the upside is limited. Trump's low - oil - price policy affects the oil market on both the supply and demand sides. Oil prices will fluctuate significantly in the second quarter, mainly due to uncertain tariff policies and sanctions. If trade frictions escalate during the approaching summer oil consumption peak season, oil prices may still decline [4]. 3. Summary by Relevant Content Market Performance - On April 24, 2025, WTI crude oil futures for June 2025 settled at $62.79 per barrel, up 0.84%, and Brent crude oil futures for June 2025 settled at $66.55 per barrel, up 0.65% [1]. Sanctions - On April 22, the US imposed sanctions on an Iranian LPG tycoon and his business network, which shipped hundreds of millions of dollars' worth of Iranian LPG and crude oil overseas [2]. Labor Market - In the week ending April 19, the seasonally - adjusted initial jobless claims in the US increased by 6,000 to about 222,000, showing the robustness of the US labor market [3]. Outlook - Oil prices may rise in phases, but the upside is limited. Second - quarter oil prices will be volatile, and there is a risk of decline if trade frictions escalate [4].