1, crude oil plummeted in the futures market. WTI crude oil and Brent crude oil are two important targets in the futures market and the benchmark of market oil price. Among them, Brent crude oil is produced in Brent area of North Atlantic, and WTI is American crude oil. Since the beginning of this year, WTI and Brent crude oil have plummeted many times, and the decline of Brent crude oil has expanded to 4% to 25.42 US dollars/barrel. The collapse of crude oil in the futures market is the most direct reflection of the collapse of international oil prices.

2. The slow growth of global economy leads to the imbalance between supply and demand. Oil is the lifeblood of economic development. Rapid economic development will increase the market demand for oil, and supply and demand are important factors affecting commodity prices. Nowadays, the overall global economic growth is slowing down, and the demand is weaker than expected, resulting in an imbalance between supply and demand, which is pushing the crude oil market further into a bear market.

3. Economic policies of major oil-producing countries. . OPEC+agreed to start a new production reduction from June 20 19 to June 2009 for a period of six months. On March 6 this year, OPEC+held a negotiation meeting to expand production reduction. At the meeting, the international oil price fell by 10% due to the failure to reach an agreement on expanding the scale of production reduction. At the same time, Russia refused to support the plan, which made the prospect of a three-year OPEC+alliance between Russia and the Organization of Petroleum Exporting Countries worrying and increased the possibility of oversupply.