The bearish fundamentals are gradually gaining the upper hand, and the medium to long-term crude oil prices may come under pressure.

Entering August, the international crude oil market has seen sudden changes, with prices plummeting sharply. The prices of US WTI crude oil futures and Brent crude oil futures have fallen by over 10% from the highs at the end of July. The main domestic crude oil futures contract has also fallen below the important level of 500 yuan per barrel, with bullish forces shrinking and bearish sentiment growing. Industry experts say that in the short term, developments in the Russia-Ukraine situation may disrupt the oil market. However, with "OPEC+" continuing to increase oil production, and global economic slow growth limiting oil consumption, the crude oil market will see an oversupply situation, which will put pressure on oil prices in the medium to long term.