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Due to the overall improvement of market risk appetite, international oil prices rose
on October 21.
Light crude futures for December delivery rose $0.
54, or 0.
64%,
to close at $85.
05 a barrel on the New York Mercantile Exchange as of the close of the day.
London Brent crude for December delivery rose $1.
12, or 1.
21 percent
, to settle at $93.
50 a barrel.
On the 21st, the US stock market rose significantly, and the US dollar index fell sharply, driving international oil prices up
.
Tyler Richey, co-editor of the U.
S.
market research publication Sevens Report, said the U.
S.
government said it would buy crude oil to fill its strategic crude oil reserve when the price of crude oil fell to about $70 a barrel, and the current very tight spot market also supported crude oil futures prices, two positive factors that will support
oil prices.
On the other hand, persistent concerns about the impact of a global recession on oil demand are likely to reinforce the recently established resistance level
of $93 a barrel.
According to data released by oilfield service company Baker Hughes on the 21st, the number of active oil rigs in the United States that week was 612, an increase of 2 month-on-month and 169 year-on-year
.
During the same period, the number of active oil rigs in Canada was 144, down 6 sequentially and up 51 year-on-year
.
