Core Insights - The article discusses the anticipated increase in oil production by OPEC, the rise in U.S. crude oil inventories, and the resulting pressure on oil prices, leading to a decline in international oil prices [1][2][3] Group 1: Oil Price Trends - As of October 1, international oil prices fell, with WTI crude settling at $61.78 per barrel, down 0.95%, and Brent crude at $65.35 per barrel, down 1.03% [1] - Market expectations indicate that OPEC may increase production by approximately 500,000 barrels per day in November, similar to the increase seen in September, despite declining demand in the U.S. and Asia [1][2] Group 2: U.S. Oil Inventory and Demand - The U.S. Energy Information Administration (EIA) reported an increase of 1.79 million barrels in U.S. crude oil inventories, alongside rising gasoline and distillate inventories [1][3] - U.S. gasoline consumption has dropped to a six-month low, contributing to concerns about short-term demand deterioration [1][3] Group 3: Market Dynamics and Geopolitical Factors - The article highlights a structural collapse in oil soft power, with diminishing demand-side soft power due to reduced gasoline consumption and increased distillate inventories, indicating a slowdown in the real economy [3] - OPEC's strategy to increase production reflects a struggle for market share amid internal coordination challenges, while U.S. shale oil production faces bottlenecks [3][4] Group 4: Future Market Outlook - Short-term projections suggest that WTI may test a support level of $55 per barrel due to OPEC's production increase and weak demand [4] - Mid-term expectations indicate a shift towards a loose balance in global oil supply and demand, with Brent crude prices potentially stabilizing between $60 and $70 per barrel [4]