The market remains on the sidelines International oil prices fell slightly on October 17

As the market as a whole maintained a wait-and-see stance, international crude oil futures prices rose in the overnight market, fluctuated strongly in the morning of October 17, turned from rising to falling in the late session, and closed with a slight decline
in international oil prices.

By the close of the day, light crude for November delivery on the New York Mercantile Exchange fell $0.
15, or 0.
18%,
to settle at $85.
46 a barrel.
London Brent crude for December delivery fell $0.
01, or 0.
01%,
to settle at $91.
62 a barrel.

Walid Koudmani, chief market analyst at international financial brokerage XTB, said overall economic uncertainty and investor sentiment continue to play a key role in price action, while investors will continue to be volatile
in asset prices in the near term as they await this week's macro data and speeches from central bankers, as well as the results of major publicly traded companies on Wall Street.

Gita Gopinath, first deputy director of the International Monetary Fund, said on the 17th that inflation in the United States is still stubbornly high, and the European Union's economic growth rate is expected to fall to 0.
5%
this year.

James Bullard, president of the Federal Reserve Bank of St.
Louis, said on the 14th that inflation has become vicious and difficult to control, which requires continued measures
to raise interest rates by 75 basis points.

Vandana Hari, an analyst at Vanda Insights, an analyst at Singapore's crude oil analysis, said that the 3%-4% decline in international oil prices in the previous trading day stimulated some bottom buyers to enter the market on the 17th, but the market momentum appeared weak
due to poor trading volume.

Walid Koudmani said New York oil prices are technically in an interesting position as they test the short-term support level of $84.
50 a barrel, which has weathered most of the recent decline
.
A fall below $84.
5 a barrel in New York could lead to a deeper decline and speculation that
OPEC+ would cut its production target further in the future.

Phil Flynn, senior market analyst at Price Futures Group, said on the 7th that oil prices will continue to fluctuate
in the short term as the market tries to maintain a balance between supply shortages and potential economic slowdown.
While recession fears prevail, ultimately oil prices face upside risks
.

UBS said on the 17th that it has adjusted its investment stance on overall commodities from "favorite" to "neutral", which means that investors should maintain existing positions rather than add new ones
.
At the same time, maintain a preference for oil, including a positive stance
on commodities and energy stocks.
It is believed that the supply-side challenges in the coming months are likely to be more serious than the slowdown in demand, and oil prices continue to be expected to rise in
the coming months.