[Autohome News] In accordance with domestic refined oil price adjustment rules, a new round of refined oil retail price limit adjustment window will be opened again at 24:00 on June 28. Last week, the oil market reversed course, with OPEC+ production cuts and a recovery in oil demand boosting oil prices, allowing them to successfully stabilize around $40. According to current data, oil prices may rise for the first time this year. Previously, the oil market had gone through a rough period. First, the outbreak has dented oil demand and shattered the alliance between Saudi Arabia and Russia. Next, the epidemic spread around the world, and a deadly price war between Saudi Arabia and Russia pushed the market to the brink of disaster. Just as the pandemic recedes, the oil market collapse has allowed rivals to regroup and make the biggest production cuts on record. A resurgence in the physical oil market is driving a surge in the much larger Wall Street oil futures market, traded on the London and New York exchanges. However, the market is not completely out of the woods yet. In many countries, the first wave of the epidemic is still accelerating, and some countries have had to take drastic measures to avoid the spread of the second wave. The pandemic continues to have an impact on daily life, which is evident in the uneven rebound in different petroleum products. Gasoline prices are leading the economic rebound as people choose to drive and avoid public transportation. For the first time since the outbreak began, gasoline prices for immediate delivery in the U.S. wholesale market were higher than forward contracts, indicating strong demand. WTI crude oil futures rose above $40 a barrel on Friday, a reversal from two months ago. At that time, as storage tanks were about to fill up, WTI crude oil futures plunged into negative territory for an unprecedented time, shocking the market. At 11:39 on June 22, Beijing time, Brent crude oil was quoted at US$42.46 per barrel.

(Source: Huitong.com; Compiled by Autohome? Zhang Xuelian)