Oil prices set for second drop this year

The current round of oil price adjustment window is at 24:00 on June 28. The successive declines of crude oil have made the rate of change in this round show a deepening trend from positive to negative. According to estimates, as of the eighth working day on June 24, the rate of change was -5.21%. The average price of reference oil was US$113.45/barrel, and domestic gasoline and diesel should be lowered by 280 yuan/ton. There are only 2 working days left before the price adjustment. Affected by inertia, the rate of change may still have room for negative extension. The second reduction in the year will be realized as scheduled, and the reduction may exceed 300 yuan / ton. The cost of fuel for the majority of car owners has also been moderately reduced.

“During this round of pricing cycle, international crude oil futures prices fell sharply. Investors’ concerns about demand have become the main negative pressure leading to the decline in oil prices,” said an analyst.

As of 19:12 on June 26, Beijing time, US crude oil and Brent crude oil rose to $107.06/barrel and $108.99/barrel. On June 24 (Beijing time), WTI closed at $104.27 per barrel, down $16.66, or -13.78%, from the previous price adjustment day (June 14), and Brent closed at $110.05 per barrel, down from the previous price adjustment It fell $12.22 on the day, or -9.99%.

From the perspective of the market outlook, industry analysts said that the international oil price may maintain a wide range of fluctuations under the interweaving of favorable factors such as the Fed’s interest rate hike and the crude oil supply gap. “In the short term, there is still a certain downward pressure on domestic oil prices. However, under the support of higher refining costs, the decline in domestic oil prices may be relatively limited, and it will enter a new sales cycle. If crude oil rebounds later, gasoline and diesel prices will not lack operations.” Fans are the way. (All media reporter Zhang Lu)