Ahead of the release of weekly crude oil inventory data in the USA, Brent crude oil futures in Asia's early trading session edged up slightly.

As of 12 o'clock Beijing time, the price of Brent crude oil for December contract was $74.41 per barrel, up 19 cents from the settlement price on October 16. The settlement price on that day fell by 3 cents compared to the previous trading day.

The price of the New York Mercantile Exchange (Nymex) crude oil for December contract was $70.61 per barrel, up 22 cents from the settlement price on October 16, while the settlement price on that day dropped by 19 cents from the previous trading day.

Market participants are eagerly awaiting the weekly crude oil inventory data to be released by the US Energy Information Administration (EIA). In the latest report released last week, EIA indicated that within a week ending on October 4, US crude oil inventories increased by 5.8 million barrels, reaching a total of 0.4227 billion barrels.

According to data from the oil analysis institution AlphaBBL, crude oil inventories at the Cushing terminal in Oklahoma have continued to grow for the third consecutive week ending on October 11, while inventories at the main storage terminal in Texas have declined.

The US dollar index, as an indicator of the US dollar's value against a basket of other currencies, has been climbing to its highest point since early August. The appreciation of the US dollar could put pressure on the demand for crude oil, as crude oil priced in US dollars becomes more costly for importers.

US refining company Phillips 66 announced its plan to close a refinery in Los Angeles, California with a daily processing capacity of 0.139 million barrels in the fourth quarter of 2025, citing concerns about the state's future uncertainties. Phillips 66 intends to continue supplying the gasoline market in California through its refining network and other suppliers, while providing renewable diesel and sustainable aviation fuel from its Rodio renewable energy refinery near San Francisco.

The Norwegian Johan Sverdrup crude oil cargo, originally scheduled to be shipped in November, is being transported to Asia. During the period from May to October, the crude oil was unable to flow to the eastern market due to unfavorable arbitrage economics. The demand for Johan Sverdrup crude oil shipped in November in Europe is relatively weak, as refineries are still undergoing autumn maintenance. At the same time, the rebound in Libyan crude oil exports and the stable supply of crude oil in the Middle East Gulf region have led to an ample supply of crude oil in the European market.

Angola's crude oil export plan for December is preliminarily set at 1.1 million barrels per day, an increase from the planned 1.05 million barrels per day in November.

(The above content is from Argus, an independent international energy and commodity price assessment agency)