Market concerns about oil demand outlook International oil prices fell significantly on January 13

Due to market concerns about the outlook for oil demand and investors' profit-taking, international crude oil futures prices consolidated in a narrow range in the overnight market, and on January 13, they fluctuated weakly during the session, and fell significantly at the end of the session, and international crude oil futures prices fell
at the close.

Light crude futures for February 2022 delivery fell $0.
52, or 0.
63%,
to settle at $82.
12 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for March 2022 delivery fell $0.
20, or 0.
24%, to settle at $84.
47 a barrel
.

John Kilduff, founding partner of Again Capital, said that the US producer price index easily reached the level of the previous month in December 2021, which could put pressure on the Federal Reserve to restrain the economy, which in turn could weigh on oil prices and support
the dollar.

Kilduff said the increase in initial jobless claims could further weaken demand
for gasoline.

Data released by the US Department of Labor in the morning of the same day showed that the number of initial jobless claims in the United States last week was 230,000, higher than market expectations of 205,000 and 207,000
the previous week.

On the same day, the market continued to digest last week's oil inventory data released by the US Energy Information Administration on January 12, and the sharp increase in gasoline inventories made the market worried about the impact of
the epidemic on oil demand.

Data released by the US Department of Labor in the morning of the same day also showed that the US final demand producer price index increased by 9.
7% year-on-year in December 2021, lower than market expectations of 9.
8%, and the year-on-year increase in November was revised up from 9.
6% to 9.
8%.

Citigroup analysts said last week's U.
S.
oil inventories report was not as positive as it seems, and while commercial crude inventories fell by 4.
8 million barrels month-on-month, refined products rose more than commercial crude inventories fell over the same period
.
The decline in commercial crude inventories may be linked to
after-tax issues with onshore oil inventories in Texas and Louisiana at the end of the year.

Troy Vincent, a market analyst at DTN market at U.
S.
market service, said oil prices were still falling despite the dollar's continued weakness, suggesting that crude oil futures may have risen again over the actual situation
in the spot market over the past month.

Vincent said hopes that the Omicron variant would pass quickly has many concerned about the impact
of the wave on oil demand.
Although the United States has not implemented epidemic lockdown measures, the weekly inventory data released by the US Energy Information Administration on the 12th highlights the severity of the impact of
the epidemic on gasoline demand.

Louise Dickson, an analyst at Rystad Energy, said gasoline inventories helped stabilize oil prices despite the decline in crude inventories in line with expectations
.
It remains to be seen
whether this market balance will persist or whether more optimistic sentiment will return in the coming weeks as the economy rebounds.

Still, downside risks persist as demand for refined products continues to fall, Dixon said, which has kept oil prices under
control.

Phil Flynn, senior market analyst at the US Price Futures Group, said on the 13th that New York oil prices are completing a major upward breakthrough, and oil prices may further rise to $
88 per barrel.