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Last week, the conflict between China and the United States remained, but it was only limited to verbal attacks and no concrete actions. It also lifted the ban on flights between the two places and eased market tensions.

Violent demonstrations in the United States over the death of black Floyd by white police officers continued, but the U.S. stock market rallied last week, with the Dow Jones Industrial Average returning to 27,000, a 45% rebound from its March low.

U.S. economic data performed well, showing that the new virus is gradually getting rid of its economic troubles.  Investors' risk bias increased, with gold falling for three weeks in a row. Gold prices fell sharply after Friday's non-farm employment report.

It fell as low as 1,671 an ounce and closed at $1,683 an ounce, down $44, or 2.6%.  The European Central Bank has stepped up its stimulus plan to support the economy, increasing the scale of the emergency anti-epidemic debt purchase plan by 600 billion euros.

To 1.35 trillion euros, up more than expected.  The market is watching this week's meeting of the Quad Reserve Board to discuss interest rates.  The US dollar index continued to fall below 97 and hovered at 96.7, a three-month low.  Under the pressure of increasing euro zone debt issuance,

It is expected that the interest rate will remain unchanged and the US dollar index is still difficult to recover.  Prior to the OPEC and its allies plan, some countries failed to implement the production reduction plan, triggering a crisis of breakdown in the production reduction talks.

Finally, an agreement was reached to restart the ministerial meeting last weekend to discuss the reduction policy.  News of economic recovery and relaxation of travel restrictions have led to a sharp rise in oil prices.  Oil-producing countries have been able to reduce the number of oil-producing countries.

It is believed that the oil group will reach an agreement to maintain or even reduce the production reduction in one to two months.  New york oil closed at $39.50 a barrel.

This morning Bloomberg even reported that Saudi Arabia has increased the price of crude oil to all regions after OPEC+ oil producers extended their historic production cut by one month.  The price of Asian crude oil will be raised to US$ 7.30 per barrel by US$ 5.60.

The news is more favorable to the oil price trend.

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