The price of crude oil consists of three factors:

The first is the price of crude oil in the international market. As China crude oil price closely follows the international crude oil market, the change of international crude oil price will also affect the change of China market.

Secondly, the supply and demand of refined oil. Crude oil is the raw material of refined oil, so when the demand for refined oil rises, the price will rise, and so will the price of crude oil.

Finally, the exchange rate issue. In the international market, the price of crude oil is quoted in US dollars, while in China, the price of crude oil is quoted in RMB, so the price needs to be converted from US dollars to RMB, and the exchange rate will have certain influence.

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