Although the overall economy of China has been seriously affected by the epidemic this year, the number of people who choose to buy cars this year has increased to a certain extent compared with last year, and the relationship between oil production and China demand has led to a corresponding increase in oil prices.

Second, the quality of China's economic recovery after the epidemic is very high.

The quality of economic recovery will affect the level of oil prices, and too high oil prices are not conducive to economic recovery. The oil price of $7,080 per barrel is beneficial to both producers and consumers, but if the oil price exceeds $90 per barrel, it will damage the economic recovery process.

Third, political factors will also affect oil prices.

Political factors will also have a certain impact on oil prices, and it will be very obvious. Strategic crude oil inventory is an oil inventory reserved by the state for strategic consideration and prevention of oil shortage. This is a very normal phenomenon, which will directly lead to the rise or fall of oil prices.

Fourth, oil inventories affect oil price fluctuations.

Petroleum inventory is divided into commercial inventory and strategic reserve. The main purpose of commercial inventory is to ensure that enterprises can operate efficiently under the seasonal fluctuation of oil demand, and at the same time prevent the potential shortage of crude oil supply. The main purpose of the national strategic reserve is to deal with the oil crisis. When the futures price is much higher than the spot price, oil companies tend to increase commercial inventory and reduce current supply, thus stimulating the spot price to rise and reducing the spot price difference of futures; When the futures price is lower than the spot price, oil companies tend to reduce the commercial inventory and increase the current supply, which leads to the decline of the spot price and a reasonable price difference with the futures price.

Verb (abbreviation of verb) world economic development

The growth of the global economy will affect oil prices by changing the demand in the oil market. There is a strong positive correlation between economic growth and oil demand growth. The changing trend of oil price is roughly consistent with that of American GDP. The global economic situation plays a vital role in the change of oil prices.