The sharp drop in oil prices in Beihai highlights the continued sluggish demand

Jinshi data on July 23rd, a batch of North Sea crude oil, which is crucial to the setting of the world's most important crude oil Benchmark, fell to an extremely low level in Asia, indicating continued lackluster buying interest. According to informed traders, a batch of super-tanker-sized Forties crude oil cargoes were sold at prices ranging from $3.50 per barrel to $4 per barrel last week, when considering freight costs. They said the batch was purchased by the South Korean refiner GS Caltex Corp. Asian demand has a significant impact on North Sea crude oil, which helps determine the price of Brent crude oil. In recent months, due to weak demand, Asian buyers have avoided North Sea oil and turned to cheaper supplies from the Middle East, the United States, and other places. Meanwhile, purchases in Europe have decreased, as refineries there have enough feedstock to meet near-term demand. Coupled with the extremely low prices paid by GS Caltex, the difficult trading environment for these crude oil is highlighted.