The international oil price fell sharply overnight, Brent crude oil fell by more than 3%, and domestic crude oil fell. On Wednesday, the main contract of SC crude oil fell by 2.76% to close at 684.1 RMB. International crude oil fell sharply during the European trading session the day before, basically erasing the favorable production reduction reached at the meeting of the organization of Petroleum Exporting Countries and its allies (OPEC+) the previous trading day. The expectation of economic recession and the decline in demand brought by epidemic control measures cast a shadow on the market. Under the influence of Saudi Arabia's announcement of the official price reduction of crude oil exported to Asia in October and other factors, the domestic market cooled down due to the negative environment of international oil prices.

In the short term, the supply-demand structure of oil prices is still tightly balanced, and the supply side is still supported. However, after the peak driving season, the seasonal demand is low, combined with the suppression of fuel demand by the anti inflation interest rate increase at the macro level, there are still constraints on the upward breakthrough of oil prices, and it is expected that the oil price will maintain a wide fluctuation in the near future in China.

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