The market maintains optimistic expectations International oil prices rose on January 10

The market maintained an optimistic outlook for oil demand, and the price of international crude oil futures rose in the overnight market, turning from rising to falling in early trading on January 10, and then recovered significantly, narrowing the rise at the end of the day, and international oil prices rose
at the close.

Light crude futures for February 2023 delivery rose $0.
49, or 0.
66%,
to settle at $75.
12 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for March 2023 delivery rose $0.
45, or 0.
56%, to settle at $80.
10 a barrel
.

Dennis Kissler, vice president of trading at BOK Financial, a U.
S.
financial services agency, believes crude oil prices are trying to consolidate the bottom
as China lifts pandemic restrictions on international travel and trade.

Commerzbank commodities analyst Carsten Fritsch expressed confidence that once China's current coronavirus infections peak and economic activity picks up, oil prices will climb again
.

PVM Oil Colleagues analyst Tamas Varga (Tamas Varga) said that the latest US consumer price index, which will be released on the 12th, may easily clarify the direction
of the financial and oil markets in the coming weeks.
If inflation is lower than expected or gains decline month-on-month, the dollar may weaken
.

Market consensus expects the US consumer price index to be flat month-on-month in December 2022, compared to a 0.
1%
month-on-month increase in the previous month.
Excluding food and energy, the US consumer price index is expected to increase by 0.
3% month-on-month in December 2022, higher than market expectations of 0.
2%.

The short-term energy market outlook report for January 2023 released by the US Energy Information Administration on the 10th predicts that the real GDP of the United States will only grow by 0.
5% in 2023, and energy demand will fall by 0.
9%.

The U.
S.
Energy Information Administration report estimates that global average liquid fuel production is expected to increase from 100 million barrels per day in 2022 to 102.
8 million barrels per day, while global average liquid fuel demand is expected to rise from 99.
4 million barrels in 2022 to 102.
2 million barrels
in 2024.
Global oil inventories are expected to increase
over the next two years as global oil production will be higher than demand.

The report expects Brent crude futures to average $83 per barrel in 2023, down from $92 per barrel forecast a month ago, and Brent crude futures prices are expected to continue to fall to $
78 per barrel in 2024.

Analysts believe U.
S.
commercial crude inventories fell by 500,000 barrels month-on-month last week, while gasoline and distillate inventories are expected to increase by 1.
3 million barrels and 500,000 barrels
, respectively, due to higher refinery runs, according to survey data released by S&P Global.