Market expectations for oil demand improve International oil prices rose significantly on November 11

The market expected to improve oil demand, international crude oil futures prices rose in the overnight market, consolidated strongly on November 11, and rose at the end of the day, and international oil prices rose
significantly at the close.

Light crude futures for December delivery rose $2.
49, or 2.
88%,
to settle at $88.
96 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for January 2023 delivery rose $2.
32, or 2.
48%, to settle at $95.
99 a barrel
.

On November 11, Chinese officials announced a notice on further optimizing the prevention and control measures of the new crown pneumonia epidemic and doing a scientific and accurate prevention and control work, which boosted the market's optimism about China's oil demand
.

Manish Raj, chief financial officer of Velandera Energy, said the weakening of the dollar and the slowdown in U.
S.
inflation were supportive
of oil prices.

After falling sharply by more than 2% on November 10, the dollar index continued to decline by more than 1.
5% on the 11th, and the dollar index fell below
107 points.

Data released by oilfield services company Baker Hughes on the 11th showed that the number of active oil rigs in the United States this week was 622, an increase of 9 month-on-month and a year-on-year increase of 168.

Over the same period, the number of active oil rigs in Canada was 133, down 8 month-on-month and up 32 year-over-year
.

Saudi Energy Minister Abdelaziz bin Salman reportedly said OPEC+ would remain cautious about oil production ahead of OPEC+ ministerial meeting in early December, and members of the production cut agreement saw uncertainty
facing the global economy.

Christopher Lewis, an analyst at FXEmpire, said that despite all the confusion, it looks like the oil market is bottoming
out on the weekly layer.