Market Analysis #ETH# : There are downward risks for oil prices in the next 6-12 months.

On July 7, Jinshi Data reported that the latest oil supply shockwave released by OPEC+ will exacerbate the oversupply later this year, putting pressure on prices for global producers while responding to U.S. President Trump's call to lower fuel costs. OPEC and its allies have reason to believe that, at least in the short term, the surge in oil production can still find buyers, and the decision by OPEC leader Saudi Arabia to raise oil prices also hints at this confidence. However, even before OPEC unexpectedly accelerated production last Saturday, the global oil market seemed to be not far from an oversupply this winter. UBS analyst Giovanni Staunovo said, "Currently, the oil market is still tight, indicating that the market can accommodate more oil." "But rising risks, such as ongoing trade tensions, mean that the market may be less tight in the next 6-12 months, which will pose downside risks to prices."