International oil prices turn around weak oil prices

Xinhua News (reporter Rongjinguang) yesterday, the New York Commodity Futures exchange crude oil prices closed at $62.9 a barrel, compared to the Monday 71.49 U.S. dollars per barrel plunged nearly 12%. Since March, international oil prices in the optimistic outlook for the economy rose to 73 U.S. dollars per barrel, according to the oil pricing scheme "based on three crude oil to 22 business days for the cycle of assessment, when the three crude oil prices rose, more than 4%, can adjust the domestic oil prices" provisions, this year,　　Domestic oil prices have been raised 3 times. But the market response did not support a rise in oil prices. Public information shows that since June 29, the National Development and Reform Commission to increase the price of oil products per ton of 600 yuan, after the increase in oil prices 5 days, Chongqing, the first wholesale price of oil products plunged 500 yuan per ton, which makes local wholesale prices almost return to the price before prices; 6 days later, Fuzhou as the representative of Fujian Province, the wholesale price of refined oil also plunged: diesel prices fell by 205 yuan per ton, petrol prices per ton of the maximum drop of more than 300 yuan, to offset half of the gains.　　Even in Changsha, where the price fluctuation is not very obvious, Sinopec and PetroChina also cut the wholesale price of refined oil by 50 to 100 yuan per ton on July 5.　　The latest performance of international oil prices in the current situation of domestic oil prices embarrassed, the market is expected to reduce oil prices in this round of the cycle. New, a researcher at the National Information Center, said that from 26th last month, 22 working days, for the next round of oil price adjustment cycle, in this cycle, if the international crude oil prices continue downward, then, the price of refined oil prices will be inevitable.　　As the economic outlook is uncertain and the latest jobs data in Europe and the United States are weak, more and more investors are opting to throw in crude oil, instead investing in relatively less risky categories such as the dollar, and the fall in the stock market and the strength of the dollar are also causing a lot of pressure on crude prices. Deng Yusung, a researcher at the Development Research Center of the State Council, also said the oil market was weaker in fundamentals than in the previous period. On the one hand, the U.S. oil total inventory of 19 years the highest, and its domestic refinery operating rate has not reached the average level of the same period in previous years. On the other hand, domestic demand has fallen to a low point.