International crude oil prices continue to plummet to the lowest since April: domestic oil prices may drop for the third time this year
In the early morning of the 7th Beijing time,U.S. crude futures fell for a second straight session on Wednesday and officially entered a bear market — a drop of more than 20% from recent highs.
Concerns that the potential risk of a recession could slow energy demand has put continued pressure on crude prices.
West Texas Intermediate (WTI) crude for August delivery fell 97 cents, or 1%, to settle at $98.53 a barrel on the New York Mercantile Exchange, its lowest close since April.
Compared with the U.S. crude oil settlement high of $123.70 on March 8, U.S. WTI crude oil futures prices have fallen 20.3% on Wednesday.
Citibank has previously sang down on oil prices and pointed out that due to the economic recession, oil prices may fall to $65/barrel by the end of the year, and may drop to $45/barrel by the end of 2023, which means that oil prices will drop from the current $109.7/barrel by the end of the year. Barrels fell 40%.
With the decline in global crude oil prices, domestic refined oil prices are also expected to be lowered. Next Tuesday, July 12, domestic gasoline and diesel prices will usher in a price adjustment window.
According to the current trend, it will be a high-probability event that oil prices will usher in the third cut this year.
On June 28, according to the National Development and Reform Commission, a new round of refined oil price adjustment window will open at 24:00 today. The details of this oil price adjustment are as follows: domestic gasoline and diesel prices dropped by 320 yuan and 310 yuan per ton respectively.
It is understood that this round is the 12th price adjustment this year and the second time this year. After this price adjustment, the price adjustment of refined oil products this year has shown a pattern of “ten rises and two falls”. At the same time, this drop also ended the “four consecutive increases” in the retail price of refined oil products since April this year.
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