The content below was translated by Tencent automatically for reference.
By the end of the afternoon of July 20, some varieties in the domestic commodity futures market had fallen sharply. Rubber, low-sulfur fuel, styrene and beans fell by more than 5%; rubber, low-sulfur fuel, styrene and beans fell by more than 4%; pulp, fuel and PTA fell by more than 3%; asphalt, Shanghai nickel, LPG, Shanghai silver, red dates, glass and apples fell by more than 2%; coke and coking coal rose by more than 2%; and thermal coal, eggs and PP rose by more than 1%.
With worries, crude oil futures continue to decline.
Over the weekend (July 18), OPEC + issued an official statement saying that the major oil-producing countries had reached a preliminary agreement. Analysts believe that although this move avoids the collapse of the production reduction alliance, because a number of oil-producing countries have increased their total production baseline to 1.63 million barrels per day, which is more than the original benchmark of 600000 barrels per day on the one hand in the United Arab Emirates, this has led to the rapid loss of the advantage of tight supply on the supply side, and the growth of crude oil production in the future has been unstoppable. One of the engines of rising oil prices is less supply-driven and needs to be driven by consumption to provide more power. however, the more contagious strains of novel coronavirus, Delta and Ramda, have spread in many countries and regions, weakening the potential for future crude oil consumption.