SC Crude Futures Face Pressure on May 26; Support at 590-595 Yuan/Barrel

GateNews
According to Sinopac Futures, crude oil futures faced pressure from concentrated profit-taking by bulls on May 26, with rising expectations for normal passage through the Strait of Hormuz easing supply concerns. In the short term, SC crude futures are expected to trade weaker, with support at 590-595 yuan/barrel and resistance at 610 yuan/barrel. Medium-term supply and demand remain tight given OPEC+ sustained low-level production cuts, continued U.S. crude inventory drawdowns, and the approaching Northern Hemisphere summer travel season; analysts recommend against aggressive short-selling. Market focus remains on U.S.-Iran deal details, EIA inventory data, and U.S. dollar movements.
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