1. The minimum price change of crude oil prices in recent times: 0.1 yuan (RMB)/barrel.

2. The price limit range: no more than ±7% of the settlement price on the previous trading day.

3. Contract delivery month: the last 1-12 months are consecutive months and the following eight quarterly months.

4. Oil prices followed U.S. stocks higher in early trading in Asia. Previously, the U.S. CPI annual rate hit a new high in nearly 40 years. Investors expected that oil prices may have reached their peak. However, concerns surrounding the severity of the Omicron variant have eased, helping the oil market shake off pessimism, and oil prices may be supported in the short term.

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1. As U.S. oil drillers have underinvested in projects over the past five years and returned large amounts of money to shareholders, if oil production is to return to pre-epidemic levels, That could take years, and that could further disrupt oil markets for years to come. "I'm worried that oil prices may rise too high, exceeding $100 per barrel,"

2. Si, CEO of Pioneer Natural Resources Co., the top U.S. shale oil exploration company Scott Sheffield said on the sidelines of the World Petroleum Congress on Tuesday. "I hope that oil prices can stabilize between US$80 and US$100 in the next few years. We need the oil market to remain stable," he said.

3. Sheffield said that U.S. oil production will grow by only 3% per year as oil companies return cash to shareholders rather than increase capital expenditures. In this case, oil prices will continue to remain above $70 per barrel for the foreseeable future.

4. Last month, the Biden administration turned a blind eye to domestic oil and gas companies, but called on OPEC to increase production to lower oil prices, which left Sheffield in disbelief. "The Biden administration has called on OPEC to increase production, but it has not asked the United States to do so," he said.

5. Sheffield’s outlook is completely different from that of the Biden administration, which believes that oil prices will fall soon. The Biden administration is trying its best to suppress oil prices because high oil prices not only exacerbate inflation and threaten Biden's economic agenda, but also cloud the fate of the Democratic Party in next year's midterm elections. Polls already show a sharp decline in Biden's support.

6. International oil prices once soared to around US$85 per barrel, reaching the highest level since 2014. Last month, the United States announced that it would join other countries in releasing strategic crude oil reserves, which suppressed oil prices to a certain extent. Later, concerns that the Omicron variant would hit demand further pushed prices down. However, as concerns eased, oil prices recovered some of their losses and are currently trading around $72.