On July 16, international crude oil futures closed lower. The settlement price for the August contract of U.S. WTI crude oil futures was $78.28 per barrel, a decline of $0.84 (1.1%). The settlement price for the September contract of Brent crude oil futures was $84.23 per barrel, a decline of $0.72 (0.9%).

With overseas crude oil futures closing down by approximately 1%, sentiment in the domestic crude oil market has been dampened; traders are increasingly willing to offer price concessions to move inventory, placing downward pressure on spot prices. On the futures side, prices are tracking the weak trend of overseas markets in the short term, with downside risks increasing.

Crude oil is the primary feedstock for gasoline; weakening crude oil prices have eroded cost-side support. Trading activity in the spot market has declined, leaving room for a price pullback, while futures prices are fluctuating downward in line with cost trends.

Diesel production costs are closely linked to crude oil; the drop in crude oil prices has weakened cost support. Market participants are adopting a "wait-and-see" approach, and there is potential for price softening; futures prices are trending weakly in the short term, dragged down by cost factors.

Crude oil is the main raw material for asphalt; the decline in crude oil prices has lowered production costs. Merchants in the spot market are more willing to move inventory, creating downward price pressure, while futures prices are trending weakly in the short term due to cost-side influences.

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