China Financial Daily

Price of Domestic Product Oil faced the Pressure of Downward Adjustment

The sharp decline of international oil prices this month makes the domestic product oil price face the relatively great pressure on downward adjustment. One official of China Petroleum Group told to the reporter that the domestic oil prices had the possibility to reduce from the macro-economic aspect.

Tuesday Oil Prices closed at 91.15 USD per Barrel
The price of crude oil futures fell nearly 5% on Tuesday. It is expected that the global financial market turmoil and the cut from the Organization of Petroleum Exporting Countries caused the lowest close price since February.

China Petrochemical Refining Business is expected to Profit
The international crude oil prices created the lowest point, which means the domestic oil refining enterprises have been greatly reduced the operating pressure, some refineries can be profitable. Analysts had expected that there would be a further decline on crude oil prices in future.

Other News:

A: China Merchants Bank declared that the company had the bond issued by Lehman Brothers, which totally reached 70 million USD.

B: Vanke issued the listing announcement of corporate bonds.

C: In order to reshape the market confidence, in the past two days, the central banks of each country led by the U.S. Federal Reserve collectively saved the market, so that it injected over 300 billion USD liquid capital for financial system.

D: The Securities Regulatory Commission issued the new rules that the listed companies shall not implement the stock incentive compensation if they are in the red.