$PetroChina (601857.SH)$In recent months, persistently high international oil prices have placed tremendous pressure on the entire market. However, just recently, international oil prices suddenly plummeted, even breaking through the key threshold of $80. Many people are asking what exactly is going on? Should we consider that international oil prices are entering a downward trajectory again? Will the era of low oil prices return?
First, has the international oil price fallen below $80 per barrel?
According to a report by the 21st Century Business Herald, as of the close on September 24 Beijing time, WTI crude oil futures for November delivery fell by 5.69%, closing at $78.74 per barrel; Brent crude oil futures for November delivery fell by 4.76%, closing at $86.15 per barrel.
Notably, the current Brent crude oil futures price has dropped to its lowest level since January, and the WTI crude oil price has fallen below the $80 per barrel mark for the first time since early January.
Recently, central banks in multiple European and American countries have sent strong signals of fighting inflation and raising interest rates, further intensifying market concerns about global economic growth. Weak economic growth has weakened expectations for oil demand prospects, severely hitting crude oil prices.
This week, the Federal Reserve announced a 75-basis-point interest rate hike, triggering a global wave of rate hikes, with central banks from the UK, Sweden, Switzerland, South Africa, and other countries following suit. According to media reports, Germany’s central bank stated on September 23 that combating inflation might temporarily weigh on economic growth, but the European Central Bank needs to...