The rise of crude oil price in the international market will inevitably lead to the rise of domestic oil price. Experts believe that the rise in oil prices is unfavorable to China's national economy as a whole. According to preliminary estimates, high oil prices will drag down GDP by 0.7 to 0.8 percentage points this year. According to relevant historical statistics, every year when the international oil price rises by 1%, China's GDP will decrease by 0.0 1 percentage point on average. 199 International oil price rose 10.38%, and China's GDP dropped by 0.07 percentage points. In 2000, the international oil price rose by 64%, China's GDP dropped by 0.7 percentage point, and the loss to China's national economy was about 60 billion yuan. Soaring international oil prices: International oil prices rebounded sharply on Thursday, with Brent crude oil futures and US crude oil futures both soaring by more than 10%, recovering the huge lost ground during the global market turmoil at the beginning of this week, which benefited from market speculation that Venezuela would hold an emergency meeting of the Organization of Petroleum Exporting Countries, the global stock market rebound and the slowdown in supply speed gave birth to a short covering-style rebound. The Wall Street Journal reported that Venezuela contacted members of the Organization of Petroleum Exporting Countries and urged an emergency meeting with Russia to work out a plan to curb the sharp drop in oil prices. Brent crude oil futures closed up $4.42, or 10.25%, to $47.56/barrel on Thursday. NYMEX crude oil futures prices in the United States closed up $3.96, or 10.26%, at $42.56/barrel on Thursday. The surge in China's stock market eased the market's worries about the country's economy, and promoted the general rise of commodities after this week's selling.