Recently, international oil prices rebounded due to a combination of factors, including geopolitical conflicts and a strengthening refined oil market. However, late last night, international oil prices plummeted. As of the close of trading on the 12th, WTI December crude oil futures fell 4.19% to $58.48 per barrel, marking the largest drop since June. Brent January crude oil futures fell 3.74% to $62.72 per barrel.
In terms of news, the Wall Street Journal reported that crude oil futures ended their three-day winning streak, with concerns about oversupply once again becoming the focus of traders' attention.
Regarding the recent rebound in oil prices, industry insiders stated that the latest US sanctions on Russian oil, India's halt to purchasing Russian oil, and Ukraine's attack on Russian oil infrastructure have triggered market concerns about crude oil supply. In addition, increased buying volume and prices in other crude oil market windows, along with news that the US government shutdown will end this week, provided additional support for rising oil prices.
