Report Industry Investment Rating - Hold short positions in crude oil and pay attention to geopolitical disturbances [1] Core Viewpoints - On December 12, 2025, NYMEX WTI futures contract 01 fell $0.86, or 1.47%, to $57.60 per barrel; ICE Brent futures contract 02 fell $0.93, or 1.49%, to $61.28 per barrel; SC2601 crude oil futures closed down 6.40 yuan per barrel, or 1.45%, to 434.80 yuan per barrel [1] - The trend strength of crude oil is -1, indicating a bearish outlook [10] Summary by Directory 1. Mexican Gulf Crude Oil Arbitrage - The arbitrage windows for various crude oils such as Arab Extra Light, Arab Light, Nemba, etc., are closed, with negative arbitrage spaces ranging from -1.16 to -8.39 USD/barrel, showing weak competitiveness [2] 2. Atlantic Crude Oil Arbitrage - Forties has no cost - advantage against Bonny Light, with an arbitrage space of -0.3 USD/barrel; Arab Extra Light and Saharan Blend present arbitrage opportunities with spaces of 0.93 and 2.68 USD/barrel respectively; Urals has a huge arbitrage space of 23.2 USD/barrel due to sanctions [4] 3. Northwest Europe Crude Oil Arbitrage - WTI MEH, Eagle Ford, Saharan Blend, and Bonny Light show arbitrage opportunities against Forties, with arbitrage spaces ranging from 0.9 to 2.23 USD/barrel; Azeri Light has a weak arbitrage space [5] 4. Mediterranean Crude Oil Arbitrage - The arbitrage windows for Saharan Blend, Azeri Light, Bonny Light, Ekofisk, and Eagle Ford against Urals are closed, with large negative arbitrage spaces, indicating weak competitiveness [6][7] 5. Asian Crude Oil Arbitrage - Duri, Napo, and Mars against Dubai present arbitrage opportunities, with spaces of 1.2, 5.08, and 1.33 USD/barrel respectively; Basrah Heavy and Maya have closed arbitrage windows [8] 6. Key Market News - Trump promised to contribute to Ukraine's security efforts if Russia - Ukraine peace agreement is reached; Trump mentioned that actions in Venezuela will soon take place on land; the Central Economic Work Conference was held on December 10 - 11 [11]

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoint - Hold short positions in crude oil and monitor geopolitical disturbances [1] 3. Summary by Directory 3.1 International Crude Oil - NYMEX WTI futures contract 01 rose by $0.21, or 0.36%, to $58.46 per barrel; ICE Brent futures contract 02 rose by $0.27, or 0.44%, to $62.21 per barrel; SC2601 crude oil futures closed down by 3.80 yuan per barrel, or 0.86%, to 440.50 yuan per barrel [1] 3.2 Mexican Gulf Crude Oil Arbitrage - The arbitrage windows of Saudi extra - light crude, Angolan crude, Nigerian crude, North Sea crude, and some Saudi heavy crude are closed; Vasconia crude shows a weak arbitrage opportunity; Ecuador's Napo crude has a significant arbitrage space; Maya crude is close to the break - even point [2][4] 3.3 Atlantic Crude Oil Arbitrage - Forties and Cabinda crudes have insufficient competitiveness; Arab Extra Light and Saharan Blend crudes show arbitrage opportunities, with Urals crude having a huge arbitrage space due to sanctions - related discounts [4] 3.4 Northwest Europe Crude Oil Arbitrage - WTI MEH, Eagle Ford, Saharan Blend, and Bonny Light crudes present arbitrage opportunities; Azeri Light crude has a weak arbitrage space [6] 3.5 Mediterranean Crude Oil Arbitrage - The arbitrage windows of Saharan Blend, Azeri Light, Bonny Light, Ekofisk, and Eagle Ford crudes against Urals are all closed [7][8] 3.6 Asian Crude Oil Arbitrage - Duri, Napo, and Mars crudes show arbitrage opportunities; Basrah Heavy and Maya crudes have their arbitrage windows closed [9] 3.7 Key Market News - Venezuelan opposition leader Machado fled the country; the Fed announced short - term bond purchases and a 25BP interest rate cut; the US seized a Venezuelan oil tanker; Venezuela's President Maduro made a tough statement; a Russian "shadow fleet" oil tanker was sunk in the Black Sea [12] 3.8 Trend Intensity - The crude oil trend intensity is - 1, indicating a bearish outlook [11]

Report Overview - The report focuses on the international crude oil market, including price movements, arbitrage opportunities in different regions, and key market news [1] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - Hold short positions in crude oil, and prices may gradually decline to new lows [1] Summary by Related Catalogs International Crude Oil Prices - NYMEX WTI futures contract 01 fell $0.63, or 1.07%, to $58.25 per barrel; ICE Brent futures contract 02 fell $0.55, or 0.88%, to $61.94 per barrel; SC2601 crude oil futures closed down 5.90 yuan per barrel, or 1.31%, at 443.40 yuan per barrel [1] Crude Oil Arbitrage Mexican Gulf Crude Oil Arbitrage - Most crude oil varieties have closed arbitrage windows, with only Vasconia showing a weak arbitrage opportunity of $0.76 per barrel, and Ecuador's Napo crude oil having a significant arbitrage space of $3.66 per barrel [2][4] Atlantic Crude Oil Arbitrage - Forties is close to the break - even point with intense competition; Arab Extra Light and Saharan Blend present arbitrage opportunities, and Urals has a huge arbitrage space of $22.82 per barrel due to sanctions [4] Northwest European Crude Oil Arbitrage - Multiple crude oil varieties such as WTI MEH, Eagle Ford, and Bonny Light present arbitrage opportunities, with varying degrees of arbitrage space [5] Mediterranean Crude Oil Arbitrage - Most crude oil varieties have closed arbitrage windows, with weak competitiveness against Urals [6][7] Asian Crude Oil Arbitrage - Duri, Napo, and Mars crude oils present arbitrage opportunities, while Basrah Heavy and Maya crude oils have closed arbitrage windows [8] Key Market News - US API crude oil inventory decreased by 4779000 barrels in the week ending December 5, API Cushing crude oil inventory increased by 47000 barrels, and API gasoline inventory increased by 6955000 barrels [9][10] - EIA raised the 2025 US oil production forecast by 20000 barrels per day to a record - high average of 13.61 million barrels per day, but lowered the 2026 forecast by 50000 barrels per day to 13.53 million barrels per day [11] - EIA slightly raised the 2025 Brent and WTI crude oil price forecasts and also slightly raised the 2026 forecasts [11] - Russia's average daily crude oil production in November was about 9.43 million barrels, still more than 100000 barrels per day below the OPEC+ quota [11]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The report indicates that the international crude oil market has turned weak again, with a trend strength of -1, suggesting a bearish outlook. It is recommended to consider short - selling. NYMEX WTI 01 - contract, ICE Brent 02 - contract, and SC2601 crude oil futures all declined on December 9, 2025 [1][10]. 3. Summary by Relevant Catalogs 3.1 International Crude Oil Prices - NYMEX WTI 01 - contract dropped by $1.20 per barrel, a 2.00% decline, closing at $58.88 per barrel; ICE Brent 02 - contract fell by $1.26 per barrel, a 1.98% decline, at $62.49 per barrel; SC2601 crude oil futures decreased by 8.40 yuan per barrel, an 1.84% decline, to 448.00 yuan per barrel [1]. 3.2 Crude Oil Arbitrage Analysis - **Mexican Gulf Crude Oil Arbitrage**: The arbitrage windows for various crude oils such as Arab Extra Light, Arab Light, Nemba, etc. were closed, indicating no cost - advantage or weak competitiveness compared to benchmark oils [2]. - **Atlantic Crude Oil Arbitrage**: Forties against Bonny Light was close to the break - even point with fierce competition; Arab Extra Light showed a slight arbitrage opportunity; Saharan Blend had a significant arbitrage space; Cabinda had insufficient competitiveness; Urals had a huge arbitrage space due to sanctions - related discounts [3]. - **North - Western Europe Crude Oil Arbitrage**: WTI MEH, Eagle Ford, Azeri Light, Saharan Blend, and Bonny Light all presented arbitrage opportunities, indicating certain competitiveness in the North - Western Europe market [5]. - **Mediterranean Crude Oil Arbitrage**: The arbitrage windows for Saharan Blend, Azeri Light, Bonny Light, Ekofisk, and Eagle Ford against Urals were closed, showing weak competitiveness [6][7]. - **Asian Crude Oil Arbitrage**: Duri, Napo, and Mars showed arbitrage opportunities, while Basrah Heavy and Maya had their arbitrage windows closed or insufficient competitiveness [8]. 3.3 Key Market News - President Trump demanded Mexico to release water as per the treaty, threatening a 5% tariff if Mexico fails to comply [11]. - China's Jimsar National Continental Shale Oil Demonstration Area completed its construction target ahead of schedule, with an annual output exceeding 1.7 million tons for the first time [11]. - The US November New York Fed 1 - year inflation expectation was 3.2%, slightly lower than the previous value of 3.24% [11]. - As of the week ending December 8, the crude oil arrival volume at Shandong independent refineries was 2.631 million tons, a 18.04% increase from the previous week [11]. - Russia plans to increase its oil exports from western ports by 27% in December compared to November [11]. - G7 and the EU are considering replacing the oil price cap mechanism with a ban on Russian oil export shipping services [11].

Report Industry Investment Rating - The report suggests a "temporary wait-and-see" approach for crude oil, keeping an eye on the geopolitical impact on oil transportation [1] Core Viewpoints - NYMEX WTI futures 01 contract rose $0.41 per barrel, a 0.69% increase, closing at $60.08 per barrel; ICE Brent futures 02 contract rose $0.49 per barrel, a 0.77% increase, closing at $63.75 per barrel; SC2601 crude oil futures closed up 3.70 yuan per barrel, an 0.82% increase, at 457.10 yuan per barrel [1] - The trend strength of crude oil is 0, indicating a neutral stance [10] Summary by Directory 1. Mexican Gulf Crude Oil Arbitrage - Saudi Extra Light, Light, Angolan, Nigerian, and North Sea crude oils have their arbitrage windows closed, reflecting weak competitiveness against WTI MEH or no cost advantage. For example, the arbitrage window for Saudi Extra Light is closed with an arbitrage space of -$5.46 per barrel [2] - Colombian, Ecuadorian Napo, and Castilla crude oils present arbitrage opportunities. Colombian Vasconia crude oil has an open arbitrage window with an arbitrage space of $0.79 per barrel [2] 2. Atlantic Crude Oil Arbitrage - Forties and Cabinda crude oils have their arbitrage windows closed, with Forties close to the break - even point and intense competition [4] - Arab Extra Light, Saharan Blend, and Urals crude oils show arbitrage opportunities. Urals crude oil has a significant arbitrage space of $21.12 per barrel, mainly due to sanctions - induced deep discounts [4] 3. Northwest Europe Crude Oil Arbitrage - WTI MEH, Eagle Ford, Azeri Light, Saharan Blend, and Bonny Light crude oils all have open arbitrage windows, indicating varying degrees of competitiveness in the Northwest European market. For example, Saharan Blend has an arbitrage space of $1.94 per barrel [6] 4. Mediterranean Crude Oil Arbitrage - Saharan Blend, Azeri Light, Bonny Light, and Ekofisk crude oils have their arbitrage windows closed, showing weak competitiveness against Urals crude oil. Ekofisk has an arbitrage space of -$21.48 per barrel [7] 5. Asian Crude Oil Arbitrage - Indonesian Duri, Ecuadorian Napo, and Mars crude oils present arbitrage opportunities. Ecuadorian Napo crude oil has a significant arbitrage space of $4.72 per barrel [8] - Iraqi Basrah Heavy and Mexican Maya crude oils have their arbitrage windows closed, indicating insufficient competitiveness [8] 6. Key Market News - Israeli Prime Minister Netanyahu stated that they are approaching the second stage of the Trump Gaza plan [11] - Iranian Foreign Minister Abbas Araqchi plans to visit Russia and Belarus soon [11] - China's Liaoning aircraft - carrier formation conducted far - sea training, and Japan's malicious monitoring and interference were strongly opposed [11] - G7 and the EU are negotiating to replace the price cap on Russian oil exports with a full ban on shipping services [11]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report indicates that the short - term trend of crude oil is volatile, and it is recommended to continue holding short positions. The current trend strength of crude oil is - 1, suggesting a bearish outlook [1][10]. 3. Summary by Relevant Catalogs 3.1 International Crude Oil Prices - NYMEX WTI 01 futures contract rose $0.31/barrel, a 0.53% increase, closing at $58.95/barrel. - ICE Brent 02 futures contract rose $0.22/barrel, a 0.35% increase, closing at $62.67/barrel. - SC2601 crude oil futures rose 1.60 yuan/barrel, a 0.36% increase, closing at 450.90 yuan/barrel [1]. 3.2 Mexican Gulf Crude Oil Arbitrage - The arbitrage windows of various crude oils such as Arab Extra Light, Arab Light, Nemba, etc., are mostly closed, with different negative arbitrage spaces. For example, Arab Extra Light has an arbitrage space of -$5.68/barrel [2]. 3.3 Atlantic Crude Oil Arbitrage - Forties crude oil shows a slight negative arbitrage, with a trade volume of 36 MB/D in October. - Arab Extra Light's arbitrage window is slightly open but has no actual trade volume. - Saharan Blend has a significant arbitrage space, with a trade volume of 9 MB/D in October [5]. 3.4 Northwest European Crude Oil Arbitrage - The arbitrage windows of WTI MEH, Eagle Ford, Azeri Light, etc., are open, with different positive arbitrage spaces. For example, Eagle Ford has an arbitrage space of $1.27/barrel [6]. 3.5 Mediterranean Crude Oil Arbitrage - The arbitrage windows of Saharan Blend, Azeri Light, Bonny Light, etc., are deeply closed. For example, Saharan Blend has an arbitrage space of -$16.12/barrel [7]. 3.6 Asian Crude Oil Arbitrage - Duri and Napo crude oils have open arbitrage windows but no recent trade volume. Basrah Heavy and Maya crude oils' arbitrage windows are closed [8]. 3.7 Key Market News - Venezuelan President Maduro said he had a phone call with US President Trump about 10 days ago. - Venezuela's oil exports in November rose slightly to about 921,000 barrels per day, the third - highest monthly average this year. - US EIA crude inventory and gasoline inventory data for the week ending November 28 deviated from expectations. - PBOC Governor Pan Gongsheng mentioned in an article about monetary policy adjustments [9][10][11].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - The short positions in crude oil should be held, and attention should be paid to geopolitical disturbances. The trend strength of crude oil is -1, indicating a bearish outlook [1][9]. 3. Summary by Related Catalogs International Crude Oil - NYMEX WTI futures 01 contract rose by $0.77 per barrel, a month - on - month increase of 1.32%, to $59.32 per barrel. ICE Brent futures 02 contract rose by $0.79 per barrel, a month - on - month increase of 1.27%, to $63.17 per barrel. SC2601 crude oil futures closed up by 5 yuan per barrel, a gain of 1.11%, to 455.90 yuan per barrel [1]. Mexican Gulf Crude Oil Arbitrage - All light crude oil arbitrage windows flowing into USGC are deeply closed. US domestic crude oil has an overwhelming cost advantage over imported Middle - Eastern light crude oil, strongly suppressing the import demand for such crude oil. For coking refineries, there are selective opportunities. The arbitrage window for Colombian heavy crude Vasconia is slightly open (-$1.94), and the Mexican Maya crude oil arbitrage window is close to balance (-$1.16) [2]. Atlantic Crude Oil Arbitrage - Arbitrage opportunities in this region are differentiated. North Sea Forties, Algerian Saharan Blend, and Russian Urals have economic viability. Notably, the high arbitrage value of Urals crude oil (+$15.60) reflects the large price discount due to geopolitical factors, driving a large amount of Russian crude oil to flow into this region [4]. Northwest European Crude Oil Arbitrage - The trans - Atlantic light crude oil arbitrage window is slightly open. The arbitrage windows of WTI MEH (+$0.56), Eagle Ford (+$1.03), Azeri Light (+$0.04), Saharan Blend (+$1.37), and Bonny Light (+$0.15) are all open, but the economic viability is generally weak [5]. Mediterranean Crude Oil Arbitrage - All arbitrage windows flowing into the Mediterranean are deeply closed. Urals crude oil has an absolute cost advantage in the Mediterranean region, consolidating its position as the main supply source [6]. Asian Crude Oil Arbitrage - For cracking refineries, all alternative crude oil arbitrage windows for ESPO are closed, and the negative values are large, indicating that ESPO has a strong market share and cost advantage in the Northeast Asian market. For coking refineries, there are significant opportunities. The arbitrage window for South American heavy crude Napo is open (+$5.68), and the arbitrage of Indonesian Duri and US Mars crude oil is also open [7]. Key Market News - On December 1st, shipping company Besiktas Shipping confirmed that an oil tanker carrying diesel was attacked by four external explosions near Dakar, Senegal. It was the third Russian - related vessel attacked in the past few days [8].

Report Summary 1. Investment Rating The report does not explicitly mention the industry investment rating. 2. Core View The report suggests that investors should continue to hold short positions in crude oil. The current trend strength of crude oil is -1, indicating a bearish outlook [3][10]. 3. Summary by Section 3.1 Crude Oil Price Quotes - NYMEX crude oil rose by $0.21 per barrel, a 0.33% increase, to $63.34 per barrel. - ICE Brent crude oil futures contract 01 fell by $0.14 per barrel, a -0.22% decrease, to $63.20 per barrel. - SC2601 crude oil futures closed up by 5.00 yuan per barrel, a 1.11% increase, to 455.90 yuan per barrel [3]. 3.2 Crude Oil Arbitrage Analysis - **Mexico Gulf Crude Oil Arbitrage**: All light crude oil arbitrage windows flowing into USGC are deeply closed, indicating that US domestic crude oil has a cost - advantage over imported Middle - Eastern light crude oil. For coking refineries, there are selective opportunities for some heavy crude oils [4]. - **Atlantic Crude Oil Arbitrage**: Arbitrage opportunities in this region are differentiated. North Sea Forties, Algerian Saharan Blend, and Russian Urals have economic viability, especially Urals due to geopolitical price discounts [5]. - **North - Western Europe Crude Oil Arbitrage**: Trans - Atlantic light crude oil arbitrage windows are slightly open, but the economic viability is generally weak, indicating that multiple light crude oils in the European market have a slight cost - advantage over local Forties crude oil [6]. - **Mediterranean Crude Oil Arbitrage**: All arbitrage windows flowing into the Mediterranean are deeply closed. Urals maintains an absolute cost - advantage in this region [7]. - **Asian Crude Oil Arbitrage**: For cracking refineries, ESPO crude oil is highly competitive. For coking refineries, there are significant opportunities, with South American heavy crude oil Napo having very prominent economic viability [8]. 3.3 Key Market News - OPEC + agreed to maintain the 2026 oil production quota and establish a mechanism to evaluate member countries' maximum oil production capacity. Eight OPEC + countries will suspend production increases from January to March 2026 due to seasonal reasons [11]. - Iran is seeking to restore its military potential and re - arm regional forces to confront Israel [11]. - China's official manufacturing PMI in November was 49.2, with a previous value of 49 and an expected value of 49.3 [11]. - The US White House National Economic Council Director Hasset said he would be "very happy to serve" if nominated as the Fed Chairman [11]. - US fighter jets circled near the Venezuelan coast, and the Venezuelan Defense Minister said "war is coming" [11].

Report Industry Investment Rating - Short - term rebound, take the opportunity to increase short positions on rallies [1] Core View - The report analyzes the international crude oil market, including price changes of major crude oil futures contracts and the status of crude oil arbitrage in different regions [1][2][4] Summary by Directory International Crude Oil - NYMEX was closed without a quote; ICE Brent crude futures contract 01 rose $0.21 per barrel, a 0.33% increase, to $63.34; SC2601 crude oil futures closed up 6.50 yuan per barrel, a 1.46% increase, to 451.60 yuan per barrel [1] Mexican Gulf Crude Oil Arbitrage - All light crude oil arbitrage windows flowing into USGC are deeply closed. For example, the arbitrage values of Arabian extra - light, Arabian light, etc. are negative, indicating that US domestic crude oil has a cost advantage over imported Middle - East light crude oil. For coking refineries, there are selective opportunities for some heavy crude oils such as Vasconia and Maya [2] Atlantic Crude Oil Arbitrage - The arbitrage opportunities in this region are differentiated. Forties, Arabian extra - light, Saharan Blend, and Urals have economic viability, especially Urals with a high arbitrage value of +$15.60, driving a large amount of Russian crude oil to flow into this region [4] Northwest Europe Crude Oil Arbitrage - The trans - Atlantic light crude oil arbitrage window is slightly open. WTI MEH, Eagle Ford, Azeri Light, etc. have open arbitrage windows but weak economic viability, indicating that multiple light crude oils in the European market have a slight cost advantage over local Forties crude oil [6] Mediterranean Crude Oil Arbitrage - All arbitrage windows flowing into the Mediterranean are deeply closed. Urals has an absolute cost advantage and maintains its position as the main supply source in the Mediterranean region [7][9] Asian Crude Oil Arbitrage - For cracking refineries, ESPO has a strong market share and cost advantage in the Northeast Asian market. For coking refineries, there are significant opportunities, such as South American heavy crude oil Napo, Indonesian Duri, and US Mars with open arbitrage windows [9] Key Market News - Iran's supreme leader said rumors about Iran sending messages to the US through intermediaries are lies. OPEC + may keep the oil production level unchanged at the Sunday meeting and reach an agreement on the mechanism for evaluating member countries' maximum production capacity. Four online meetings will be held starting at 13:00 GMT (21:00 Beijing time) [10][11] Trend Intensity - The trend intensity of crude oil is 0, indicating a neutral trend [12]

Report Industry Investment Rating - Hold short positions in crude oil and beware of geopolitical disturbances [1] Core Viewpoints - The prices of NYMEX crude oil futures, ICE Brent crude oil futures, and SC2601 crude oil futures all increased on November 25, 2025 [1] - The crude oil arbitrage windows in different regions show different states, with some being open and some closed, and the cost - advantage of different crude oils varies in different regions [2][4][6] - The trend strength of crude oil is - 1, indicating a bearish outlook [13] Summary by Directory 1. International Crude Oil - NYMEX crude oil futures January contract rose $0.78/barrel, a month - on - month increase of 1.34%, to $58.84/barrel; ICE Brent crude oil futures 01 contract rose $0.81/barrel, a month - on - month increase of 1.29%, to $63.37/barrel; SC2601 crude oil futures closed up 4.20 yuan/barrel, a gain of 0.94%, to 449.80 yuan/barrel [1] 2. Mexican Gulf Crude Oil Arbitrage - All light crude oil arbitrage windows flowing into USGC are deeply closed, indicating that US domestic crude oil has an overwhelming cost advantage over imported crude oil, strongly suppressing the import demand for light crude oil [2] - For coking refineries, there are selective opportunities. The arbitrage windows of Vasconia crude oil from Colombia and Mexican Maya crude oil are open, indicating that American heavy crude oil is still attractive in refineries with specific configurations [2] 3. Atlantic Crude Oil Arbitrage - The arbitrage opportunities in this region are differentiated. North Sea Forties and African Saharan Blend are economical. In particular, Urals crude oil has a very high arbitrage value of +$11.57, driving a large amount of Russian crude oil to flow into this region [4] 4. Northwest Europe Crude Oil Arbitrage - Similar to the Atlantic region, the arbitrage opportunities in this region are also differentiated. North Sea Forties and African Saharan Blend are economical, and Urals crude oil has a high arbitrage value, driving Russian crude oil to flow in [6] 5. Mediterranean Crude Oil Arbitrage - All arbitrage windows flowing into the Mediterranean are deeply closed. Urals crude oil has an absolute cost advantage in this region due to discounts, consolidating its position as the main supply source in the Mediterranean [8] 6. Asian Crude Oil Arbitrage - For cracking refineries, ESPO crude oil is very competitive in the Northeast Asian market, especially in complex refineries along the Chinese coast, with a strong market share and cost advantage [8] - For coking refineries such as Chinese independent refineries, there are significant opportunities. The arbitrage window of South American Napo crude oil is open, which may drive imports from Ecuador [10] 7. Key Market News - On November 24, 2025, Chinese President Xi Jinping had a phone call with US President Trump, clarifying China's principled stance on the Taiwan issue and emphasizing the importance of maintaining the post - war international order [11] - US President Trump plans to directly dialogue with Venezuelan President Maduro, which may mean that the US will not immediately take missile strikes or direct military actions [11] - San Francisco Fed President Mary Daly, a 2027 FOMC voter, supports a rate cut next month, believing that the risk of a sudden deterioration in the job market is greater and more difficult to control than a sudden rise in inflation [12] 8. Trend Strength - The trend strength of crude oil is - 1, indicating a bearish outlook [13]