原油期货：缓慢增产，库存偏低

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core View of the Report - As of the week ending November 28, 2025, international oil prices fluctuated and declined. The reported potential peace deal in Ukraine and increased US oil and refined product inventories were negative for the market, but a decrease in US oil rigs and doubts about the peace plan led to a late - week price increase. Overall, geopolitical factors caused the price decline. Brent and WTI oil prices were $62.38 and $58.55 per barrel respectively on November 28 [3]. - For the future, OPEC+ is maintaining slow production increases in December and pausing increases in Q1 2026, indicating weak demand. The global oversupply in both reality and expectation will pressure oil prices. However, low inventories will provide support, and geopolitical and sanction uncertainties will intermittently affect the oil market. An overall weak - side fluctuating approach is recommended for operations [3]. 3. Summary by Related Catalogs Market Review and Outlook - International oil prices fluctuated and declined in the week ending November 28, 2025. Market sentiment was affected by news of a potential Ukraine - US peace deal, inventory changes, and rig count. The prices of Brent and WTI were $62.38 and $58.55 per barrel respectively on November 28 [3]. - Future oil prices will be pressured by weak demand and oversupply, but supported by low inventories. Geopolitical and sanction uncertainties will also have an impact. An operation strategy of weak - side fluctuation is advised [3]. Key Factors to Watch - Geopolitical factors and weekly crude oil data are the key factors to watch [4]. Weekly Changes in Fundamental Data | Commodity/Indicator | Unit | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | SC Crude Oil Futures | Yuan/barrel | 453.40 | 447.40 | 6.00 | 1.34% | Daily | | Oman Crude Oil Spot | US dollars/barrel | 64.22 | 62.96 | 1.26 | 2.00% | Daily | | Brent Crude Oil Futures | US dollars/barrel | 63.86 | 61.89 | 1.97 | 3.18% | Daily | | WTI Crude Oil Futures | US dollars/barrel | 60.11 | 57.98 | 2.13 | 3.67% | Daily | | US Crude Oil Production | Thousand barrels per day | 13862 | 13834 | 28 | 0.20% | Weekly | | US Crude Oil Inventory | Thousand barrels | 424155 | 424155 | 3348 | 0.79% | Weekly | | Comprehensive Refinery Profit | Yuan/ton | 593 | 854 | - 261 | - 30.56% | Weekly | [5]