The market is worried about the inflation situation in the United States International oil prices fell on October 12

The US inflation situation caused market concerns, and international crude oil futures prices rose slightly higher in the overnight market, fluctuating lower in the morning of the 12th, weak consolidation in the afternoon, and international oil prices fell
at the close.

As of the close of the day, light crude for November delivery on the New York Mercantile Exchange fell $2.
08, or 2.
33%,
to close at $87.
27 a barrel.
London Brent crude for December delivery fell $1.
84, or 1.
95 percent
, to settle at $92.
45 a barrel.

Data released by the US Department of Labor on the morning of the same day showed that the US end-demand producer price index increased by 0.
4% month-on-month in September, higher than market expectations of 0.
2%, and the month-on-month decline in August was adjusted from -0.
1% to -0.
2%.

Excluding food and energy, the index rose 0.
3% m/m in September, in line with market expectations, while the m/m increase was revised upwards from 0.
2% to 0.
3%
in August.
After the release of this data, oil prices fluctuated lower
.

Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said on the 12th that the Fed will stick to its current monetary policy stance
because it has not seen much evidence of a slowdown in inflation.

OPEC's October oil market report released on the 12th said that in view of recent macroeconomic trends and changes in oil demand in many regions, the global oil demand growth forecast for this year was lowered by 500,000 b/d to 2.
6 million b/d
.
The report also lowered its forecast for global oil demand growth in 2023 to around
2.
3 million b/d.

OPEC said the world economy has entered a period
of high uncertainty and rising risks.

On the same day, the short-term energy outlook released by the US Energy Information Administration predicted that the average price of Brent crude oil futures in the fourth quarter of this year was $93 per barrel, down from $98 per barrel forecast a month ago, and the forecast for the average price of Brent crude oil futures in 2023 was lowered from $97 per barrel to $
95 per barrel.

US President Biden said on the 11th that after OPEC+ announced production cuts a few days ago, Saudi Arabia will face consequences
due to production cuts with Russia.
Biden did not disclose further details
, though.

Deputy Secretary of the US Department of Energy David Turk said at the energy forum hosted by Columbia University on the 12th that the strategic crude oil reserve has played a healthy role in curbing oil prices, and the United States has the ability to use more strategic crude oil reserves
.

Torbjorn Soltvedt, chief analyst for the Middle East and North Africa at global risk and strategy consultancy Verisk Maplecroft, said the U.
S.
response to OPEC+ production cuts amplified the initial impact
of the decision on markets.