U.S. commercial crude oil inventories fell last week International oil prices rose on November 2

Due to the decline in US commercial crude oil inventories last week, international crude oil futures prices fell in the overnight market, and they rose significantly higher in the morning of November 2 and closed higher
.

Light crude for December delivery rose $1.
63, or 1.
84%,
to settle at $90 a barrel on the New York Mercantile Exchange as of the day's close.
London Brent crude for January 2023 delivery rose $1.
51, or 1.
60%,
to settle at $96.
16 a barrel.

U.
S.
commercial crude oil inventories stood at 436.
8 million barrels last week, down 3.
1 million barrels
month-on-month, according to data released by the U.
S.
Energy Information Administration on the same day.
Over the same period, U.
S.
gasoline inventories declined by 1.
3 million barrels month-on-month, distillate inventories increased by 0.
4 million barrels month-on-month, and propane and propylene inventories increased by 1.
2 million barrels
month-on-month.
Including commercial crude, refined products, propane and propylene, U.
S.
commercial oil inventories fell by 700,000 barrels
month-on-month last week.

The data also showed that the average crude oil processing volume of US refineries was 15.
8 million barrels per day last week, an increase of 406,000 barrels month-on-month; the average operating rate of US refineries was 90.
6% last week, up from 88.
9% in the previous week; U.
S.
net crude imports averaged 2.
28 million barrels per day last week, a significant increase of 1.
229 million barrels
month-on-month.

Notably, commercial crude oil inventories in the Cushing region of the United States stood at 28.
2 million barrels last week, an increase of 1.
3 million barrels month-on-month; The U.
S.
strategic crude oil reserve was 399.
7 million barrels last week, down 1.
926 million barrels month-on-month and falling below 400 million barrels for the first time since June 1984, while U.
S.
crude oil production averaged 11.
9 million barrels per day last week, down 100,000 barrels
month-on-month.

Data released by the American Petroleum Institute late on the 1st showed that U.
S.
commercial crude oil inventories fell by 6.
5 million barrels month-on-month last week, gasoline inventories fell by 2.
6 million barrels month-on-month, and distillate inventories increased by 865,000 barrels
month-on-month.

Andrew Lipow, president of Lipow Oil Associates, said weekly U.
S.
crude oil reserves continue to decline, which is why
oil prices are supported.

PVM Oil Colleague analyst Stephen Brennock said that although global economic growth is slowing, the lack of supply and concerns about demand may still prevail in the short term
.
Oil prices are expected to rise to $100/b by
the end of the year.

Phil Flynn, senior market analyst at Price Futures Group, said on the 2nd that oil prices seem to have broken through the wedge area upwards, and oil prices should rise
significantly in the next few weeks.