The United States is expected to further release crude oil reserves International oil prices fell significantly on October 18

As the market expects the United States to announce the release of more strategic crude oil reserves this week, international crude oil futures prices consolidated in a narrow range in the overnight market, significantly lower in the morning of October 18, followed by a narrow consolidation, and international oil prices fell
significantly at the close.

As of the close of the day, light crude for November delivery on the New York Mercantile Exchange fell $2.
64, or 3.
09%,
to settle at $82.
82 a barrel.
London Brent crude for December delivery fell $1.
59, or 1.
74 percent
, to settle at $90.
03 a barrel.

The Biden administration is expected to announce the release of 14 million barrels of strategic reserve crude this week as the final part
of a plan to release 180 million barrels of strategic crude oil reserves announced earlier this year, Reuters reported on October 17.
The Biden administration is also considering selling an additional 26 million barrels of crude reserves starting in October to implement the congressional plan
to sell crude reserves in fiscal year 2023.

In addition, the U.
S.
Department of Energy is expected to release more details
about late-stage purchases to fill strategic crude oil reserves.

Phil Flynn, senior market analyst at Price Futures Group, said that this is the second release of strategic crude oil reserves
in the United States when the US strategic crude oil reserve fell to the lowest level since 1982.
The Biden administration announced in March that it would release an average of 1 million barrels per day of strategic crude oil reserves over the next six months, and has released 165 million barrels
so far.

Flynn believes the group could easily offset strategic crude reserves
released by the United States if OPEC sees fit.
"Since US President Joe Biden is not very friendly to Saudi Arabia or OPEC, OPEC may well have an incentive to take steps to offset the strategic crude oil reserves
released by the United States.
"

Stephen Innes, head of trading and market strategy at SPI Asset Management, said the recent U.
S.
-OPEC+ conflict has continued to heat up and highlighted some of the negative political nature of
oil prices.
Given OPEC+'s current position, the United States has every incentive to push ahead with negotiations with Iran and Venezuela, especially ahead
of the U.
S.
midterm elections.

Warren Patterson, head of commodity strategy at Dutch Commercial Bank, said that the strong rise in the US stock market on the 17th and the sharp fall in the US dollar did not push oil prices higher
.
The market still looks cautious
about the outlook for oil demand.

Data released by the US Energy Information Administration on the 17th showed that the average daily crude oil production in the Permian Basin in the United States is expected to reach a record 5.
453 million barrels
in November.

Survey data released by S&P Global late on the 17th showed that analysts believe that US commercial crude oil inventories fell by 1.
2 million barrels month-on-month last week, and gasoline and distillate inventories fell by 2.
2 million barrels and 2.
5 million barrels
, respectively.
U.
S.
refinery runs are expected to fall 0.
5 percentage points month-on-month to 89.
4 percent
last week.