According to the latest policy from the US government, it would not release its strategic petroleum reserves (SPR) to the market temporarily, which led the crude oil to rebound by 1.1% on October 7th.

The decision from the US government has eased the market worry of an oversupply issue, plus the demand in China showed better than the market’s expectation, which further supported the crude oil futures price for the rest of this year.

Among them, the crude oil futures price on the New York Mercantile Exchange for November came to US$78.30/barrel on October 7th, increased by US$0.87/barrel from the previous trading day.