Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - For crude oil, it is recommended to reduce and take profit on short positions and conduct short - term observation [1] - The trend strength of crude oil is 0, indicating a neutral outlook [11] 3. Summary by Relevant Catalogs 3.1 International Crude Oil Prices - NYMEX WTI futures contract 01 fell $0.62, a 1.08% decline, to $56.82 per barrel; ICE Brent futures contract 02 fell $0.56, a 0.92% decline, to $60.56 per barrel; SC2602 crude oil futures closed down 5.50 yuan per barrel, a 1.26% decline, to 431.70 yuan per barrel [1] 3.2 Mexican Gulf Crude Oil Arbitrage - Most crude oil varieties' arbitrage windows are closed, such as Arab Extra Light, Arab Light, etc. Only Ecuador's Napo crude oil presents significant arbitrage opportunities with an arbitrage space of $5.25 per barrel [2][4] 3.3 Atlantic Crude Oil Arbitrage - Forties is close to the break - even point with intense competition; Arab Extra Light and Saharan Blend present arbitrage opportunities, especially Urals has a huge arbitrage space of $24.95 per barrel due to sanctions [4] 3.4 Northwest Europe Crude Oil Arbitrage - WTI MEH, Eagle Ford, Azeri Light, Saharan Blend, and Bonny Light all present arbitrage opportunities, with Eagle Ford having a relatively competitive advantage [6] 3.5 Mediterranean Crude Oil Arbitrage - The arbitrage windows of most crude oil varieties against Urals are closed, such as Saharan Blend, Azeri Light, etc. [7][8] 3.6 Asian Crude Oil Arbitrage - Duri, Napo, and Mars present arbitrage opportunities, while Basrah Heavy and Maya have their arbitrage windows closed or lack competitiveness [9] 3.7 Key Market News - Regarding the Fed, there are speculations about the candidate for the Fed chair; API crude oil inventory data shows a significant decrease; Bostic suggests maintaining interest rates in 2026; the US November non - farm payrolls increased by 64,000 and the unemployment rate reached a four - year high of 4.6% [12]