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China oil prices four-day losing streak

National Development and Reform Commission announced today that lower domestic gasoline and diesel prices since at 0:00 on August 5, down 220 yuan per ton of gasoline and diesel down 215 yuan per ton. The national average, equivalent to 90 per liter of gasoline down 0.16 yuan, No. 0 diesel oil down 0.18 yuan per liter, 92 gasoline 0.17 yuan per lift, No. 95 gasoline 0.18 yuan per lift.



After the retail prices, in addition to regional implementation of national standards â…¤ 92 retail gasoline prices are still 6 yuan / liter or more, and most other parts of the implementation of the country â…£ standard gasoline, 93 gasoline are back to 5 yuan / liter era .



I figured: 50 liter fuel tank of the car, plus a full tank of fuel, about 9 dollars to spend less! The reduction is the seventh year cut this year. Gasoline and diesel prices this year, China has experienced 14 price cycle, seven times lower, raised five times, three times "stranded."



The fall in oil prices is also due to the rapid decline in international oil prices, the recent trading day, the United States in September WTI crude oil futures prices fell $ 1.95, down 4.14 percent, $ 45.17 a barrel, setting four-month closing low. September Brent crude oil futures prices fell $ 2.69, down 5.15 percent, $ 49.52 a barrel. In just the past seven months, international oil prices to plunge ending, New York crude oil futures prices fell 20.8 percent month, the biggest monthly decline during the year, while London Brent crude oil futures prices also fell by 17.9% the month.



Academy of Social Sciences researcher Xu Xiaojie said: if oil prices rose above $ 60 will fall if oil prices fell to $ 30 will rise, so I think from the mid or short term, oil prices are hovering at 50-60 US dollars.



US Energy Information Administration believes that the current high global crude oil reserves, the economic recovery is still uncertain, and global oil production may also rise further, oil prices likely to fall $ 30 a barrel.



The Director of the US Energy Information Adam Ximingsiji said: one affecting oil prices of recent events, that after Iran released, will increase the oil supply global markets, taking into account Iran's oil production market share, This forecast decline in oil prices of about 5-10 US dollars a barrel.

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