Analysis and comments:
In terms of crude oil, the United States House of Representatives passed the bill related to the Debt limit of the United States, and several officials of the Federal Reserve hinted that interest rate hikes would be suspended in June. Investors' concerns about the economic outlook declined; There were disagreements within OPEC+ regarding the need for further production cuts. African member countries strongly opposed further production cuts. Eventually, OPEC's official website released a statement stating that OPEC+'s production capacity will be 40.46 million barrels per day next year, a decrease of 1.393 million barrels per day compared to the current one. In addition, Saudi Arabia announced an additional 1 million barrels per day reduction in July, leading to a decrease in US crude oil inventories and concerns about supply tightening in the market. International oil prices rose on Wednesday; Affected by macro emotions, the price of xylene was mainly consolidated.