The National Development and Reform Commission announced that due to the tense situation in the Middle East and Africa, geopolitical issues have pushed up market risk aversion and speculative buying, prompting oil prices to hit new highs in the short term. If the impact of the geopolitical crisis continues, even further spillovers to other important oil-producing countries in the Middle East will affect the balance of international oil supply and demand. Coupled with the European Central Bank’s rate hike expected to support the euro, a weaker US dollar will continue to support oil prices. It is expected that international crude oil will oscillate at a high level between 100-110 US dollars in the near future, and excessively high oil prices will have an adverse effect on the operation of the petrochemical industry.
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