1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Short - term market sentiment is relatively optimistic due to positive signals from Sino - US trade negotiations, and there are expectations for the summit at the end of the month. Geopolitically, the US may increase sanctions on Russia, causing market concerns. Short - term oil prices are expected to remain in a relatively strong oscillatory state, with SC2512 operating in the range of 465 - 475, and long - term investors are advised to wait and see [3]. 3. Summary by Directory 3.1 Daily Prompt - **Crude Oil 2512 Fundamentals**: After the Sino - US high - level economic officials' trade talks, Trump is confident of reaching an agreement with China. The US may impose additional sanctions on Russia. US energy companies increased oil and gas rig numbers for the second consecutive week since September. The overall assessment is neutral [3]. - **Basis**: On October 24, Oman crude oil spot price was $69.03 per barrel, Qatar Marine crude oil spot price was $68.71 per barrel, with a basis of 51.07 yuan per barrel, indicating that the spot price is higher than the futures price, which is a bullish signal [3]. - **Inventory**: US API crude oil inventory decreased by 2.981 million barrels in the week ending October 17. EIA inventory decreased by 0.961 million barrels in the week ending October 17, against an expected increase of 1.205 million barrels. Cushing region inventory decreased by 0.77 million barrels in the week ending October 17. As of October 24, Shanghai crude oil futures inventory remained unchanged at 5.211 million barrels, which is bullish [3]. - **Market Chart**: The 20 - day moving average is flat, and the price is above the average, with a neutral assessment [3]. - **Main Position**: As of September 23, WTI crude oil main position was long, with an increase in long positions. As of October 21, Brent crude oil main position was long, with a decrease in long positions, which is bearish [3]. 3.2 Recent News - **Sino - US Trade Negotiations**: After the Sino - US high - level economic officials' trade talks, Trump is confident of reaching an agreement with China. The US Treasury Secretary expects the agreement to postpone China's export control expansion on rare earth minerals and magnets and avoid new 100% tariffs on Chinese goods. However, the US Trade Representative's Office has launched a new tariff investigation against China, and China has strongly opposed it [5]. - **US Economic Data**: US consumer price increase in September was slightly lower than expected, with the Fed likely to cut interest rates again at the October 28 - 29 meeting. In September, CPI increased by 0.3% month - on - month and 3.0% year - on - year, while economists predicted 0.4% and 3.1% respectively. Core CPI increased by 0.2% month - on - month in September [5]. 3.3 Long - Short Concerns - **Bullish Factors**: Positive signals from Sino - US trade negotiations, cancellation of US - Russia talks and potential increase in sanctions on Russia [6]. - **Bearish Factors**: Easing of the Middle East situation, risk of US government shutdown, and OPEC+ considering further production increase [6]. - **Market Driver**: Short - term geopolitical conflicts intensify, while there is a medium - to - long - term risk of increased supply [6]. 3.4 Fundamental Data - **Futures Market**: The settlement price of Brent crude oil decreased from $65.99 to $65.20, a decrease of 1.20%. WTI crude oil decreased from $61.79 to $61.50, a decrease of 0.47%. SC crude oil increased from 454.0 to 466.2, an increase of 2.69%. Oman crude oil increased from $68.16 to $68.31, an increase of 0.22% [7]. - **Spot Market**: The price of UK Brent Dtd increased from $65.98 to $67.04, an increase of 1.61%. WTI increased from $61.79 to $61.50, a decrease of 0.47%. Oman crude oil increased from $68.10 to $69.03, an increase of 1.37%. Shengli crude oil increased from $61.25 to $62.40, an increase of 1.88%. Dubai crude oil increased from $68.21 to $69.05, an increase of 1.23% [9]. - **Inventory Data**: API inventory decreased by 2.981 million barrels in the week ending October 17. EIA inventory decreased by 0.961 million barrels in the week ending October 17 [3]. 3.5 Position Data - **WTI Crude Oil Fund Net Long Position**: As of September 23, the net long position was 102,958, an increase of 4,249 [17]. - **Brent Crude Oil Fund Net Long Position**: As of October 21, the net long position was 52,521, a decrease of 57,085 [19].