On Monday (October 24), international oil prices fell more than 1%. As data showed that demand from China, the world's largest crude oil importer, remained sluggish in September, the NYMEX crude oil market is expected to drop by 84.22 US dollars later. However, US President Joe Biden issued inventory replenishment conditions last week, limiting the decline in oil prices.

At 15:56 Beijing time, NYMEX crude oil futures fell 1.21% to 84.02 US dollars/barrel; ICE Brent crude oil futures fell 1.15% to 90.29 US dollars/barrel.

According to data released by China's General Administration of Customs on Monday, China's crude oil imports rose month-on-month in September, but still fell 2% from the same period last year. The processing volume of independent refineries was limited due to meager profits and low demand. Saudi Arabia and Russia went hand in hand to become China's top two crude oil suppliers in September.

Although US President Joe Biden announced the sale of the 15 million barrels of oil remaining in America's strategic oil reserves, international oil prices closed higher last week. This sale is part of a record 180 million barrel dumping plan that began in May.

Biden added that his goal is to start replenishing stocks when the price of U.S. crude oil hits around $70 per barrel. ANZ said, “Biden's statement provides strong support for the crude oil market.”

Energy services company Baker Hughes said in a report on Friday that US energy companies are increasing oil and gas rigs for the second week in a row because relatively high oil prices encourage the company to drill more.

Looking at the hourly chart, NYMEX crude oil once again measured the support of $83.55. After falling below, it is expected to fall further by $82.44. They are the 61.8% Fibonacci rebound level and the 89.90% Fibonacci rebound in the upward range of $81.34 to $87.14, respectively.