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SunSirs: The Eighth Upward Adjustment of China Domestic Oil Products will Open on June 11
June 10 2021 15:03:48SunSirs(Selena)

The current round of domestic oil product price adjustment will start at 24:00 on June 11, and the domestic oil price will rise for the eighth time this year.

After entering this round of pricing cycle, the epidemic prevention and control blockade in many regions of the world has been relaxed, vaccination in the United States has been growing rapidly, and the demand for crude oil in the United States has ushered in the peak season. The recovery of demand in Europe and the United States is expected to boost the crude oil market, and the crude oil price has been rising. In addition, OPEC+ alliance continued to insist on the measure of gradually resuming supply from June to July, which offset the risk that the US Iran nuclear agreement negotiation could lead to increased supply and supported oil prices. As of June 8, Beijing time, the settlement price of the main contract in the US WTI crude oil futures market was at $70.05/ barrel, and the settlement price of the main contract in the Brent crude oil futures market was at $72.22/ barrel. Market participants were optimistic about the economic recovery, and North America entered the driving season to boost demand, adding to the slow progress of the US Iran nuclear negotiations, further pushing up oil prices. At present, there is only one working day left from the price adjustment window. According to the monitoring data of SunSirs, the crude oil change rate of the three places was 3.3% on June 8. This round will face an upward adjustment, and the domestic oil products will usher in the eighth upward adjustment.

In the later stage, the market is still optimistic about the growth of global crude oil demand. With the arrival of the peak oil consumption in the US in summer, the form of global epidemic prevention and control has gradually improved. Much good news supports the expectation that crude oil will continue to rise in the near future. Crude oil prices are more likely to rise. A new round of finished oil price adjustment will face certain uncertainty, and a small increase may become the main theme.

 

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