Let's first look at the supply and demand relationship of international oil prices. When supply exceeds demand, oil prices fall. From the supply point of view, several major crude oil producers in the world, such as Russia. In the United States, if OPEC, the oil exporting organization, cuts production and has low stocks, it will benefit oil prices, and vice versa. From the demand side, if the economic growth of the world's major oil consumers such as the United States, China and the European Union slows down, the expected demand for crude oil will decrease, which will be negative for oil prices.

Second, look at the dollar index. Crude oil is denominated in dollars. If the US dollar index rebounds, it means that the US dollar appreciates, which will increase the cost for foreign investors to invest in crude oil. For example, a barrel of wti crude oil used to be 100 USD, equivalent to about RMB 620 yuan. Now that the US dollar has appreciated and the RMB has depreciated, a barrel of crude oil of $ 100 has become 640 yuan RMB, which is more expensive. Others, such as war, will increase investors' risk aversion, which is good for crude oil and gold, a safe-haven asset.