International oil prices have risen for 7 consecutive days. Can the G7's reserve oil release step on the brakes?

International oil prices have continued to rise for seven consecutive trading days, drawing market attention. Middle Eastern oil-producing countries’ repeated production cuts once caused oil prices to surge over 30%, but the G7 hinted at releasing strategic reserves, which has slowed the upward momentum.

On the 9th, West Texas Intermediate (WTI) crude for April delivery on the New York Mercantile Exchange rose $3.87 from the previous day, closing at $94.77 per barrel. This is the highest price since August 29 of last year, reflecting a recent surge in oil prices. During Asian trading hours, prices briefly soared to $119.48 per barrel.

After a video conference with the International Energy Agency (IEA), G7 finance ministers announced they are preparing to take necessary measures to support energy supply, including releasing reserve oil. The IEA also emphasized that its member countries hold over 1.2 billion barrels of reserve oil and are discussing the possibility of releasing it into the market.

This G7 response has helped curb the sharp rise in oil prices, aiming to stabilize the market. Meanwhile, G7 energy ministers are preparing for a separate meeting to discuss specific plans for further reserve releases.

Looking ahead, international oil prices are likely to be significantly influenced by whether the G7 releases reserves and the scale of such releases. Additionally, ongoing production cuts by Middle Eastern oil producers and global geopolitical developments could impact the crude oil market. Experts believe that these combined factors are likely to increase market volatility.