Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Report's Core View - The short - term, medium - term, and intraday views of crude oil 2512 are all weak. The market is expected to run weakly in a volatile manner. After the digestion of macro - positive sentiment and the weakening of previous driving factors, the crude oil market has returned to a situation dominated by supply - demand fundamentals, with both macro and industrial factors remaining weak [1][5]. 3. Summary by Relevant Content Price and Market Performance - On Thursday night, the domestic crude oil futures 2512 contract maintained a weakly volatile trend, with the futures price slightly down 0.24% to 461.4 yuan/barrel [5]. Market Driving Factors - After the meeting between the Chinese and US presidents in Busan, South Korea, the overall results were slightly lower than market expectations. As the macro - positive sentiment was digested, the driving force of macro factors weakened, leading to profit - taking in the market. After the weakening of previous macro - positive driving factors and geopolitical factors, the crude oil market has returned to a situation dominated by supply - demand fundamentals [5].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - The crude oil market has returned to a market dominated by supply - demand fundamentals after the weakening of previous macro - bullish driving factors and geopolitical factors. The current macro and industrial factors in the crude oil market remain weak. However, due to the positive expectations from the meeting between Chinese and US leaders, the domestic crude oil futures 2512 contract is expected to maintain a slightly stronger oscillating trend on Thursday [5]. 3) Summary by Related Catalogs Price and Market Trends - The domestic crude oil futures 2512 contract showed an oscillating and stable trend in the night session on Wednesday, with the futures price rising slightly by 1.28% to 465.1 yuan/barrel [5]. - The short - term view of crude oil 2512 is oscillating, the medium - term view is weakly oscillating, the intraday view is strongly oscillating, and the reference view is a relatively strong operation [1]. Market Driving Factors - After the weakening of previous macro - bullish driving factors and geopolitical factors, the crude oil market is back to being dominated by supply - demand fundamentals. Currently, both macro and industrial factors in the crude oil market are weak [5]. - Eight OPEC+ oil - producing countries decided to increase production by 137,000 barrels per day in November, increasing the supply pressure in the oil market [5]. - The meeting between Chinese and US leaders in Seoul, South Korea may convey positive expectations to the market [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The crude oil market is expected to be in a weak and volatile trend in the short - to - medium term. With the weakening of previous macro - positive driving factors and geopolitical factors, the market has returned to being dominated by supply - and - demand fundamentals. Currently, both macro and industrial factors in the crude oil market remain weak. The production increase measures of OPEC+ countries will add to the supply pressure, and the domestic crude oil futures 2512 contract is likely to maintain a weak and volatile trend on Wednesday [1][5] 3. Summary by Relevant Content Price and Trend - The domestic crude oil futures 2512 contract is in a state of "weak operation". In the short term, the view is "volatile", in the medium term it is "weak and volatile", and on the day it is also "weak and volatile". The core logic is that the geopolitical premium has faded, and the market has returned to supply - and - demand fundamentals [1][5] Market Driving Factors - After the weakening of previous macro - positive driving factors and geopolitical factors, the crude oil market has returned to being driven by supply - and - demand fundamentals. The current macro and industrial factors in the crude oil market are still weak [5] Supply - Side Situation - Eight OPEC+ oil - producing countries have decided to increase production in November, with an additional output of 137,000 barrels per day, which is seen as an attempt to seek a larger market share, and this has increased the supply pressure in the oil market [5] Market Performance - On Tuesday night, the domestic crude oil futures 2512 contract returned to a weak state, with the futures price closing down 1.78% to 458.1 yuan per barrel [5]