Recently, the wind direction of the rising international crude oil has changed dramatically. 17, the settlement price of international crude oil futures fell sharply, WTIJuly crude oil futures closed down 8.02 US dollars, or 6.82%, to 109.56 US dollars/barrel. Brent August crude settled down $6.69, or 5.58 percent, at $113.12 a barrel.
International oil prices ended a seven-week rally last week under the influence of the global central bank interest rate hike. U.S. oil futures fell 9.2 percent and Brent oil futures fell 7.3 percent, both the biggest weekly decline since April 1. Oil prices hit hard! Commodity futures "go green", dozens of chemicals prices fall! The fall in oil prices is mainly the resonance of the general decline in the stock market and commodities. Under the pressure of global high inflation, the market is increasingly worried about economic recession, the Federal Reserve in June meeting finally raised interest rates strongly by 75 basis points, the US dollar surged again, risk assets were sold, and the global stock market and commodities ushered in a larger level of correction. Under the influence of this wave, crude oil bore the brunt, which was already at a relatively high historical level. In the case that the tight supply situation did not change, the panic gave the oil price a heavy blow. Oil, the king of commodities, has a negative outlook, and chemicals in the oil chain have followed suit, immediately falling. On the 20th, most of China's commodity futures fell at the opening, with coal, oil and gas mining, precious metals, phosphorus chemicals and other sectors leading the decline. Iron ore fell more than 8 percent, SC crude oil, thermal coal, coke fell more than 4 percent, coking coal fell more than 3 percent, hot coil, Shanghai tin, rebar, palm fell nearly 3 percent.
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