Why did crude oil prices fall

Why did crude oil prices fall

Most people believe that the reason why domestic oil prices continue to rise is entirely due to my country's limited technology for refining refined oil, coupled with the high tax rate. Because not all crude oil can be refined into gasoline, my country's crude oil is low and the refined oil rate is about 60%, which is about 20% lower than the international level. Because of my country's limited technology, most of the gasoline is imported, and the import tariffs naturally fall on the car owners. Of cWhy did crude oil prices fallourse, this is a major cause of the rise in domestic refined oil prices. But the main reason is not this.

At the beginning of the Asian market on Thursday, June 2, U.S. oil fell slightly, while oil prices rose. The U.S. EIA crude oil inventories announced overnight supported oil prices. However, the upcoming OPEC meeting of the Organization of Petroleum Exporting Countries may decide to increase global production. It threatens the upward trend of oil prices.

It is reported that the reason why India suddenly changed its attitude was because the United States agreed to India's purchase of Russian weapons and would not impose sanctions on India. But the United States also put forward conditions, requiring India to stop buying Iranian oil. In the face of temptation, India still chose Russia. After all, not only Iran has oil in the world, but it is not common for the United States to agree to purchase Russian weapons.

Abstract: In recent days, tensions between the United States and Iran have intensified. Analyses have shown that if Iran blocks the Strait of Hormuz, oil prices will rise to $250. Regarding the U.S. ban on importing Iranian crude oil, the domineering choice ignores and even trades in another way.

The three major oil-producing countries have recently increased production. Russia’s June production rose to more than 0 million barrels per day; Saudi Arabia’s production also returned to above 0 million barrels per day; the American Petroleum Institute said on June 2 that US crude oil inventories unexpectedly increased by 80,000 barrels to 700 million. barrel.

From a short-term perspective, the US dollar has encountered resistance and oil prices have received strong support. However, investors are reminded that there are still concerns about oversupply in the crude oil market. Iran’s sanctions have led to continuous increases in production by OPEC and non-OPEC oil-producing cWhy did crude oil prices fallountries. Crude oil prices are under long-term pressure. There is a risk of a crash if the bottom price is around $62.