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Due to concerns in the market about the supply and demand prospects of the oil market, international crude oil futures prices significantly declined overnight, with the decline expanding in the morning session of the day, narrowing in the afternoon, and ending with a notable drop in international oil prices.

As of the close of the day, the price of light crude oil futures for delivery in the month on the New York Mercantile Exchange fell by $X.XX, closing at $X.XX per barrel, a decrease of X.X%; the price of Brent crude oil futures for delivery in December 2023 fell by $X.XX, closing at $X.XX per barrel, a decrease of X.X%.

Phil Flynn, a senior market analyst at the Price Futures Group, stated that another term for President Trump could continue to impact the oil market. Trump's stance on encouraging oil and gas production has already dampened some enthusiasm for long positions in oil.

Zhu Guangming, an oil analyst at SCI99, told International Business Daily that in recent days, crude oil prices have continued to fall, with the market expressing concerns over negative factors in the supply side. One is the expectation that US crude oil production will increase after the elections, and the other is that the Saudi-led production cuts will gradually shift to increasing production from next year, raising concerns that both will compete for market share. Under such concerns about increased production, crude oil prices have continued their downward trend.

Zhuochuang Information predicts that the supply side will be dominated by negative factors, the demand side is in a seasonal off-season, the expectation of inventory accumulation in the oil market is strong, the US dollar is also strengthening, and multiple negative factors are leading the way. As a result, US crude oil has fallen below the key dollar level, lacking positive drivers in the short term, and maintaining a weak market trend.

Guangfa Futures believes that the coexistence of easing supply pressure, weak demand, a strengthening dollar, and geopolitical uncertainties will put downward pressure on oil prices in the short term, but the space for decline is relatively limited, with a higher probability of oil prices continuing to fluctuate widely.

Text/Bi Ruolin

Editor/Sun Nan

Review/Time

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