U.S. crude oil surged nearly 5 percent on Oct. 7, fueled by tighter oil supply worries

Market concerns that the supply of the oil market will tighten further pushed the international crude oil futures price to close strongly on
the 7th.
Light crude oil futures for November delivery on the New York Mercantile Exchange rose $4.
19, or 4.
74 percent
, to close at $92.
64 a barrel as of the close of the day.
Brent crude futures for December delivery in London rose $3.
50, or 3.
71%,
to close at $97.
92 a barrel.

UBS said on the 7th that the significant increase in crude oil futures prices this week is due to the expectation of OPEC+ production cuts, the significant decline in US oil inventories last week and the improvement
of risk appetite in financial markets.
Although oil prices have risen significantly, with limited supply growth, oil prices need to move higher further to slow oil
demand growth.

UBS said OPEC+ will be slower
to adjust production policy in the face of supply disruptions in Russia.
Supply in the oil market is expected to tighten further due to production cuts, increased oil demand in winter and the imminent entry into force of European sanctions on Russian sea exports
.
As a result, a positive view of oil prices continues, with Brent crude oil futures expected to rise above $100 a barrel in the coming quarters
.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said concerns about a weaker global economy weighed
on oil prices in the past few weeks.
However, this week, OPEC+ showed its readiness to protect prices through production cuts in the face of opposition from the US and other governments and central banks, which changed market sentiment
.

Stephen Brennock, an analyst at PVM Oil, said one of the key impacts of OPEC's latest production cuts is that oil prices are likely to recover to $
100 a barrel.

Christopher Lewis, an analyst at FXEmpire, said the crude oil market finally broke through the running channel upwards and it now looks like gains may be expanding
.
New York oil prices rose on the 7th and reached the $90 per barrel level, after which it will seek to break through the 200-day moving average, which may reach the level
of $95 per barrel.
Brent oil prices broke through the upper edge of the 200-day moving average and descending channel on the day
.
But Lewis also said there is a need to worry about
disruptive demand as recession expectations rise.

Data released by oilfield service company Baker Hughes on the 7th showed that the number of active oil rigs in the United States this week was 602, down 2 month-on-month and 169 year-on-year
.
During the same period, the number of active oil rigs in Canada was 148, an increase of 4 sequentially and 53 year-on-year
.