According to Jinshi, since the beginning of July, the volatility of the commodity market has increased, driving oil prices down. The main reasons include the weakening of the overseas economy in the third quarter and the market-driven recession trade. In addition, the uncertainty of events such as the US election, interest rate cut expectations and the Israeli-Palestinian conflict has also led to a decline in market risk appetite. It is expected that the price of Brent crude oil will fluctuate between US$78 and US$90 per barrel in the third quarter, and the price of SC crude oil will fluctuate between RMB 560 and RMB 680 per barrel.