October WTI and Brent crude oil prices continued to fall and stabilize, hovering below US$60 per barrel. The average spot price of WTI crude oil in October was US$59.42/barrel, down US$3.69/barrel from the same period last year, a year-on-year decrease of 5.85%; the average spot price of Brent crude oil was US$58.12/barrel, down US$0.99/barrel from the same period last year, and a year-on-year decrease of US$0.99/barrel. down 1.68%. The spot price of Dubai crude oil is US$56.63/barrel, an increase of US$2.21/barrel from the same period last year, an increase of 4.05% year-on-year; the average price of the OPEC basket of oil is US$55.16/barrel, US$0.53/barrel higher than the same period last year, an increase of 0.97%.

According to the "Oil Market Monthly Report" released by the International Energy Agency in November, China's demand has been suppressed due to ample inventories. Warm weather in October and the absence of hurricanes so far have reduced oil prices in the United States and Europe. needs. World oil supply averaged 85.3 million barrels per day in October, an increase of 100,000 barrels per day from the previous month. Large-scale maintenance in the autumn caused the crude oil processing volume of OECD member countries in October to further decrease by 1.3 million barrels/day after falling by 700,000 barrels/day in September. In October, the global refinery maintenance peak was estimated to have dropped by an average of 3.7 million barrels that month. /day’s crude oil processing volume. Weekly data on U.S. and Japanese refined oil inventories showed declines in October.

Trends of international major crude oil spot prices from October 2005 to October 2006

Unit: US dollars/barrel

WTI

Building Lrent

Dubai

Oman

Minas

WTI/Dubai

Brent/Dubai

OPEC basket oil price

October 2005

63.11

59.11

54.42

58.74

8.69

4.69

54.63

November

58.82

55.92

51.84

53.03

54.27

6.98

4.08

51.29

December

58.92

56.28

52.83

53.87< /p>

53.92

6.09

3.45

52.65

January 2006

64.06

61.93

57.42

58.24

61.59

6.64

4.51

58.48

February

61.98

60.88

57.9

58.84

61.63

4.08

2.98

56.62

March

62.65

61.21

57.51

58.8

61.76

5.14

3.7

57.87

April

68.71

69.26

63.13

64.56

68.24

5.58

6.13

64.44

May

70.85

70.1

64.97

66.32

70.43

5.88

5.13

65.11

June

70.62

68.12

64.98

65.96

68.55

5.64

3.14

64.6

July

74.24

73.39

68.91

69.91

73.09

5.33

4.48

68.89

August

73.67

74.36

69.4

70.58

75.91

4.27

4.96

68.81

September

65.11

63.09

61.3

62.53

65.22

3.81

1.79

59.34

October< /p>

59.42

58.12

56.63

57.6

55.96

2.79

1.49

55.16

International major crude oil spot price trends from January 2003 to October 2006