U.S. leading economic indicators fall International oil prices rose and fell on October 20

As the US leading economic indicators in September were weaker than expected, international crude oil futures prices rose in the overnight market, falling significantly after rushing higher in the morning of October 20, consolidating in a narrow range in the afternoon, and closing with mixed
international oil prices.

Light crude for November delivery rose $0.
43, or 0.
50%,
to close at $85.
98 a barrel on the New York Mercantile Exchange as of the close of the day.
London Brent crude for December delivery fell $0.
03, or 0.
03%,
to settle at $92.
38 a barrel.

Data released by the World Large Business Research Institute on the morning showed that the leading economic indicator of the United States fell by 0.
4% month-on-month in September, weaker than market expectations of -0.
3%, and the month-on-month change in August was adjusted from -0.
3% to flat
month-on-month.

Patrick Harker, president of the Federal Reserve Bank of Philadelphia, said on the 20th that in order to fight inflation, the Fed is trying to slow down economic growth and will continue to raise short-term interest rates
.

Phil Flynn, senior market analyst at Price Futures Group, said that Harker said on the day that the war against inflation had just begun, and the market looked nervous
.

Warren Patterson, head of commodity strategy at Commerzbank, said that given that the release of 15 million barrels of strategic crude oil reserves announced by the US government a few days ago is part of a previously announced plan, its impact on the market is small
.

Patterson believes that the announcement of the release of the latest batch of strategic crude oil reserves by the United States will not do much to
offset the impact of OPEC+2 million b/d production cuts.

UBS Group oil analyst Giovanni Staunovo (Giovanni Staunovo) said in a research report on the 19th that because the supply of the oil market in the next 12 months is likely to become less tight than previously expected due to a variety of bearishness, it was decided to lower the forecast for next year's oil price by $15 / barrel
.
Brent and New York crude futures are expected to be $110 and $107 a barrel next year
, respectively.

UBS had already cut its price forecast for Brent crude futures by $15 a barrel to $
110 a barrel in September.