International crude oil futures closed lower on June 11. The settlement price for the U.S. WTI crude oil futures contract for July delivery was $87.71 per barrel, a drop of $2.32 or 2.6%. The settlement price for the Brent crude oil futures contract for August delivery was $90.38 per barrel, a drop of $2.72 or 2.9%.

The significant declines of 2.6% and 2.9% in the U.S. WTI (July) and Brent (August) contracts act as a major bearish factor for both crude oil futures and spot prices, placing noticeable downward pressure on prices in the short term.

Crude oil is the primary feedstock for diesel production; the sharp drop in international crude prices will lower diesel production costs, exerting a generally bearish influence on diesel prices.

Gasoline production relies heavily on crude oil feedstock; the significant decline in international crude prices will weaken the cost support for gasoline, exerting a generally bearish influence on gasoline prices.

Crude oil accounts for a very high proportion of asphalt feedstock costs; the sharp drop in international crude prices will undermine cost support for asphalt, exerting a generally bearish influence on both asphalt futures and spot prices.

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