On August 17, the closing price of crude oil fell

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On August 17, the closing price of crude oil fell to the lowest level since June

on Wednesday, the price of crude oil futures market on the New York Mercantile Exchange (NYMEX) fell to the lowest level since June, dragged down by the decline in gasoline prices, technical selling and the continued maintenance of the ceasefire agreement between Israel and Hezbollah

traders and analysts said that there was no factor in the market that really pushed prices down. However, the lack of production caused by the closure of BP Prudhoe Bay oil field is not as serious as originally thought, Israel, Lebanon and China are still in the deep development stage of industrialization, informatization, urbanization, marketization and internationalization, and the ceasefire and the latest oil inventory in the United States did not surprise the market, which made the oil price continue the market decline last week

the NYMEX September crude oil futures market price closed down $1.16, or 1.6%, to $71.89/barrel, falling below $72/barrel for the first time since June 27

ice September Brent crude oil futures market prices also closed down 72 cents to 73.08 U.S. dollars/barrel

nymex September gasoline futures closed down 1.35 cents to $1.9781 per gallon, the lowest level since May 17. Heating oil futures fell 66 points to $2.0169 per gallon in September

at present, the crude oil price has fallen by 8.3 percentage points from the peak of 78.40 US dollars/barrel set on July 14

the ceasefire between Israel and Lebanon and the larger than expected production of BP Prudhoe Bay oil field have led to a 5.8 percentage point drop in oil prices last week

addison Armstrong, a trader and analyst at TFs energy brokers in Stanford, Connecticut, said that crude oil prices were under great pressure. Gasoline prices led the decline, while declining demand and excess inventory were the reasons for the decline in gasoline prices

the inventory data of the energy information administration (EIA) for the week ended August 11 showed that U.S. gasoline demand fell by 1.7% in the week. This is the first decline in four weeks. At the same time, it may also indicate that record gasoline prices are finally beginning to affect consumer demand. Gasoline consumption demand in July hit a record high in a single month

eia data also showed that U.S. crude oil and gasoline inventories fell last week, basically in line with analysts' expectations

traders said that crude oil futures prices accelerated their decline after falling below the key technical support level of $72.50 per barrel

Andy Lebow, an analyst and broker at Man Financial in New York, said there were signs that gasoline demand was weakening

in addition, what further depresses the oil price is that OPEC cut the growth of world oil demand in 2006 to 1.3 million barrels/day. The series of products on display include concrete admixtures, cement additives and chemical solutions, which are the lowest level in the whole year, due to the decline in demand from some of the richest countries in the world

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