International Oil Prices Hit Record Highs Continuously

$75.78! Light crude oil futures for August delivery in the New York market set a new historical record yesterday evening after hitting a 23-year high the day before yesterday.

All light crude oil futures contracts on the New York Mercantile Exchange (NYMEX) rose across the board. Among them, light crude oil futures for delivery in August reached an intraday high of $75.78, setting a new high since the launch of this type of crude oil futures trading in 1983. The latest price of this contract US$75.50/barrel, up US$0.36, or 0.48%. North Sea Brent crude oil futures for August delivery on the International Petroleum Exchange in London also rose $0.84 per barrel to close at $74.75.

Industry insiders said that with the arrival of the summer oil consumption peak in the United States, the market's demand for crude oil will increase, which will directly push up international oil prices. In addition, the Iranian nuclear issue remains the main factor pushing up international oil prices. At present, Iran and the international community have not yet reached an agreement on this issue, and there are even differences on the timing of the response to the six-nation plan. These have intensified the market's concerns about crude oil supply.

Industry insiders have previously said that the strength of oil prices is inseparable from its strong fundamentals and investors' immediate response to current hot issues. Crude oil futures are well supported at current highs, with oil prices expected to climb to $80 to $85 a barrel this summer.