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The first drop in oil prices in the Year of the Dragon finally arrived, and the time was at 24 o'clock on April 29.
Although the decline is not large, it will drop by 6 cents to 8 cents per liter, but it is also a drop, and it can also save a small amount of money for people who are ready to drive during the May Day holiday.
Since the beginning of this year, international oil prices have fluctuated and climbed, taking New York crude oil futures as an example, they have risen from about $70 per barrel at the beginning of the year to more than $87 per barrel, and Brent crude oil futures have risen from about $75 per barrel to more than $90 per barrel, reaching a maximum of $92.18 per barrel.
Judging from the monthly K-line, both New York and Brent crude oil futures prices have seen "four consecutive yangs", but the increase in April has narrowed significantly, of which New York crude oil futures rose in April (to the close of last Friday) by only 0.59%, which may turn from rising to falling at any time.
The gradual recovery of the global economy, the increase in crude oil demand, the continued production cuts of OPEC+, and the geopolitical tensions in the Middle East and Ukraine are the main factors affecting the rise of international oil prices in recent months. In particular, the changing situation in the Middle East some time ago has become an important factor affecting international oil prices.
New York crude oil futures daily candlestick trend
New York crude oil futures monthly candlestick trend
Domestic gasoline and diesel prices have undergone 8 adjustments this year, but only oil prices fell at 24 o'clock on January 17, showing a pattern of "five up, one down and two stranded".
However, after the domestic oil price was raised at 24 o'clock on April 16, the international oil price fell sharply the next day due to the easing of the situation in the Middle East. Although international oil prices have fluctuated and rebounded since then, they are still lower than the average prices in the previous round of price adjustment cycles based on the average price of reference international oil prices in this round of price adjustment cycle.
According to Jinlianchuang's calculations, by the eighth working day of April 26, the domestic gasoline and diesel prices were reduced by 85 yuan/ton. When converted to a liter, the drop is estimated to be between 6 cents and 8 cents. If we count from the Year of the Dragon in February, tonight's oil price cut will be the first cut in two and a half months.
But it remains to be seen how oil prices will change in the end!
Executive Producer | Zhao Shiheng
Editor-in-charge | Zhang Shuxuan
Source | Qianjiang Evening News, Shanxi Evening News
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