Tightening oil supply and concerns about economic growth and oil demand International oil prices rose slightly on September 16

Expectations of tighter oil supply and concerns about economic growth and oil demand continued to play the game, and international oil prices rose
slightly on September 16.

Light crude futures for October delivery rose $0.
01, or 0.
01%,
to settle at $85.
11 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for November delivery rose $0.
51, or 0.
56%,
to settle at $91.
35 a barrel.

Data released by oilfield service company Baker Hughes on the afternoon of the 16th showed that the number of active oil rigs in the United States in the week was 599, an increase of 8 month-on-month and a year-on-year increase of 188
.
Over the same period, the number of active oil rigs in Canada was 146, up 6 month-over-month and 51 year-over-year
.

Phil Flynn, senior market analyst at Price Futures Group, said on the 16th that oil prices may continue to weaken in the short term due to recession concerns, but global oil inventories are not growing, once the United States stops releasing strategic crude oil reserves, supply will fall sharply, so oil prices are expected to rebound to above
$100 per barrel sometime in October.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said there was a lot of uncertainty
on the demand and supply side outside the U.
S.
given the pandemic, the European energy crisis and fears of a global recession.
For the United States, with midterm elections in about six weeks' time, the most important fundamental factor seems to be how long
the government's release of the Strategic Crude Oil Reserve will last.
Once the release of the SPR is stopped, when and how quickly the U.
S.
will start filling the SPR inventory
.

U.
S.
Department of Energy spokeswoman Charisma Troiano issued a statement on the 14th that the statement that the US government is considering buying oil-filled strategic crude oil reserves when oil prices are below $80 per barrel is inaccurate
.
The U.
S.
Department of Energy's plan to fill inventories does not include oil prices
.
It is expected that the US will not fill the Strategic Crude Oil Reserve
until after fiscal year 2023 (starting October 1, 2022).

PVM Oil Associates analyst Stephen Brennock said both the International Monetary Fund and the World Bank were warning that the global economy could fall into recession next year, which was negative
for oil demand.
Blennock said recession fears and expectations of higher U.
S
.
interest rates form a strong bearish mix.