International oil prices surged significantly on the 10th, influenced by the situation in the Middle East and the latest U.S. inflation figures. During after-hours trading, the price of New York crude oil futures at one point rose by 4%, subsequently fluctuating around $93 per barrel.
Additionally, the international gold price fell below the $4,100 per ounce mark on the same day. A renewed tough stance from the U.S. towards Iran triggered market concerns about escalating conflict and the potential for renewed tightness in global oil supplies.
At the close of trading, the price of light crude oil futures for July delivery on the New York Mercantile Exchange increased by $1.83 to settle at $90.03 per barrel, a gain of 2.07%. The price of Brent crude oil futures for August delivery rose by $1.65 to settle at $93.10 per barrel, an increase of 1.8%.
The U.S. Department of Labor released data on the 10th showing that the Consumer Price Index (CPI) for May rose by 4.2% year-on-year, up from 3.8% in April, marking the highest level since May 2023. This has fueled market speculation about the Federal Reserve tightening monetary policy, further pressuring international gold prices and driving both gold futures and spot prices below $4,100 per ounce.
Domestic Fuel Prices Anticipated to Drop
A new adjustment for domestic refined oil product prices is scheduled for June 18th at 24:00. The current statistical cycle for this pricing period, which spans 10 working days, has completed 2 days. Due to the recent consecutive decline in international oil prices, the current crude oil change rate stands at -2.24%, forecasting a price reduction of 130 yuan per ton. Based on this projected decrease, prices for gasoline and diesel are expected to be lowered by 0.10 to 0.12 yuan per liter.
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