China Gasoline & Diesel Retail Ceiling Prices to Drop on Jun 8

Energy Ministers of Saudi Arabia and Russia showed that they considered increasing crude oil output to cooling the market and offset Venezuela’s declining output. In addition, the price spread between Brent and WTI exceeded $10/bbl, setting a new high from March 2015. The U.S. occupied the market shares of Russia and OPEC. Moreover, U.S. President Trump announced a 25% tariff on Chinese goods which were valued 50 billion USD. Accordingly, international crude oil prices dropped sharply.