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SunSirs: International Crude Oil Price rises and falls, the domestic Refined Oil Price will not be Adjusted at 24:00, June 11

June 10 2020 10:02:22     SunSirs (Selena)

At the OPEC+ ministerial video conference, OPEC agreed to extend the measure of reducing production by 9.7 million barrels/ day for one month until the end of July. In addition to the favorable factors such as the number of crude oil wells and the continuous decline of crude oil production in the United States, the international crude oil price rises day by day. On June 8, the prices of U.S. WTI crude oil and Brent crude oil exceeded $40/ barrel and $43/ barrel respectively. Subsequently, the international oil price fell slightly. As of June 8, the price of WTI crude oil was $38.19/ barrel and Brent crude oil was $40.8/ barrel.

In addition to the improvement of supply and demand, the rise of international oil price does not exclude the factors of market speculation. WTI is at the threshold of $40 and will continue to be tested later. COVID-19 overseas is not over, and the market demand is still not optimistic, which will also become a stumbling block for the further rise of oil prices. As of June 8, the average price of crude oil was $38.47 / barrel according to the monitoring data of SunSirs. There are two working days before the opening of the price adjustment window of gasoline and diesel at 24:00 on June 11. It is expected that the final crude oil price will be lower than the "floor price" of $40/ barrel. This round of price adjustment of refined oil will continue be unadjusted.

 

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