Group 1 - International oil prices declined due to ongoing trade tensions impacting oil demand outlook, with WTI crude oil futures falling by $0.99 to $66.21 per barrel, a decrease of 1.47%, and Brent crude oil futures dropping by $0.62 to $68.59 per barrel, a decrease of 0.90% [1] - Analysts from MUFG noted that the urgency for the U.S. to reach trade agreements with partners has led to a third consecutive day of oil price declines [1] - OPEC+ producers are expected to continue voluntary production cuts of 281,000 barrels per day in September, as part of a larger 2.2 million barrels per day reduction, although there are rumors of increased production from these countries [1] Group 2 - The Trump administration plans to impose high tariffs on products from various trade partners starting August 1, with ongoing negotiations with the EU and Japan showing no significant breakthroughs, and potential retaliatory measures from the EU and Canada being prepared [2] - A recent survey by S&P Global indicated that U.S. commercial crude oil inventories are expected to have decreased by 3.1 million barrels, while gasoline and distillate inventories are projected to decline by 2 million barrels and 800,000 barrels, respectively [2]

Group 1 - International oil prices experienced a significant increase due to the positive outlook on oil demand from the progress in US-China trade negotiations and profit-taking by investors [1] - As of the close on May 12, the price of light crude oil futures for June delivery on the New York Mercantile Exchange rose by $0.93 to $61.95 per barrel, an increase of 1.52%, while July delivery Brent crude oil futures rose by $1.05 to $64.96 per barrel, an increase of 1.64% [1] - The US-China high-level economic talks held in Geneva on May 10-11 resulted in important agreements, including a significant reduction in bilateral tariff levels [1] Group 2 - Market analysts noted that traders focused on the outcomes of the US-China trade negotiations, with New York oil prices testing new highs [1] - If New York oil prices rise above $63 per barrel, they will approach the 50-day average level of $64.42 per barrel [1] - The results of the Geneva trade talks alleviated market pessimism regarding the trade war and boosted expectations for oil and gas demand [1]

Core Viewpoint - International oil prices experienced fluctuations and closed lower on May 7 due to investor concerns about oil demand outlook [1] Group 1: Oil Price Movements - As of the close on May 7, the price of light crude oil futures for June delivery on the New York Mercantile Exchange fell by $1.02 to $58.07 per barrel, a decrease of 1.73% [1] - The price of Brent crude oil futures for July delivery dropped by $1.03 to $61.12 per barrel, reflecting a decline of 1.66% [1] Group 2: U.S. Oil Inventory and Demand - U.S. gasoline inventories unexpectedly increased, raising concerns about the oil demand outlook [1] - The U.S. Energy Information Administration reported that commercial crude oil inventories were at 438.4 million barrels, a decrease of 2 million barrels week-on-week [1] - In contrast, gasoline inventories rose by 200,000 barrels during the same period [1] Group 3: Refinery Operations and Imports - The average daily crude oil processing volume at U.S. refineries was 16.1 million barrels, a decrease of 0.7 million barrels week-on-week [1] - The average refinery utilization rate was 89%, up from 88.6% the previous week [1] - The average daily gasoline supply was 8.717 million barrels, a significant decrease of 3.81 million barrels week-on-week [1] - Daily net crude oil imports increased significantly by 67.3% to 2.05 million barrels [1] Group 4: Regional Inventory Changes - In the Cushing region, commercial crude oil inventories decreased by 700,000 barrels to 25 million barrels [2] - The strategic petroleum reserve increased by 580,000 barrels to 39.9 million barrels [2] - The average daily crude oil production in the U.S. fell by 98,000 barrels to 13.367 million barrels [2] Group 5: Economic Outlook - The Federal Reserve indicated that uncertainty regarding the economic outlook has increased, with rising risks related to unemployment and inflation [2]