International oil prices plummet to a six-year low, with oversupply expected to continue until next

According to analysis, the current international demand for crude oil is approaching its peak, and it is expected that oil demand will decline in the second half of this year. The excessive increase in oil supply may continue the trend of oversupply in the second half of this year until next year. International oil prices have plummeted. On the 11th, the price of crude oil futures in New York fell to $43.08 per barrel, the lowest price since March 2009. As of the close of the day, the price of light crude oil futures for September delivery on the New York Mercantile Exchange fell by $1.88, closing at $43.08 per barrel, a decrease of 4.18%. The lowest settlement price since March 2009. On the same day, the global benchmark oil price for September delivery, London Brent crude oil futures, fell by $1.23 to close at $49.18 per barrel, a decrease of 2.44%. On the 11th, the People's Bank of China announced the improvement of the pricing mechanism for the central parity rate of the Chinese yuan against the US dollar, and the enhancement of marketization. This move aims to make the RMB exchange rate more determined by market forces. The People's Bank of China sets the daily central parity rate for the exchange rate of RMB against the US dollar, allowing the RMB to fluctuate within a range of 2% above and below the daily central parity rate. According to official Chinese data, on the 11th, the central parity rate of the Chinese yuan was 6.2298 yuan per US dollar, a drop of nearly 2% compared to the previous day, marking the largest single day decline in 20 years. The depreciation of the RMB is beneficial for China to expand its exports, but it will increase the cost of imported goods for China. As the world's second-largest economy, China is one of the main markets for international crude oil consumption. The depreciation of the Chinese yuan has raised concerns among investors that China's imports of crude oil may decrease. On the 11th, the Organization of the Petroleum Exporting Countries (OPEC) announced that its crude oil production has reached a three-year high. In July, OPEC's daily crude oil production increased by 101000 barrels compared to June to 31.51 million barrels, the highest level since May 2012. During the same period, non OPEC oil production also continued to soar. The report states that the growth rate of oil production in countries such as China, Colombia, Russia, and the United States is faster than expected. According to analysis, the current international demand for crude oil is approaching its peak, and it is expected that oil demand will decline in the second half of this year. The excessive increase in oil supply may continue the trend of oversupply in the second half of this year until next year.