China Cuts Gasoline 525 Yuan a Tonne and Diesel 505 Yuan as Oil Volatility Persists
Updated
Updated · bastillepost.com · Jun 4
China Cuts Gasoline 525 Yuan a Tonne and Diesel 505 Yuan as Oil Volatility Persists
3 articles · Updated · bastillepost.com · Jun 4
Summary
Friday’s adjustment will lower China’s retail gasoline prices by 525 yuan a tonne and diesel by 505 yuan a tonne, the NDRC said.
Brent crude had retreated to about $92 a barrel during the pricing cycle as U.S.-Iran peace talks briefly improved expectations for easing Middle East tensions.
Recent clashes across multiple Middle East fronts have since lifted geopolitical risk again, while reduced Gulf crude supply and low global inventories are keeping international oil prices elevated.
Global crude stocks had fallen to about 98 days of demand by end-May, below the industry’s 100-day warning line, and analysts expect bigger short-term oil price swings as uncertainty over Iran-U.S. talks rises.