The US and Turkey reached a cease-fire agreement in Syria, which eased the risk premium brought by the tension in the Middle East, and crude oil fell in early trading; with the agreement of brexit, crude oil rose from the early trading decline.

Thursday (October 17) New York Mercantile Exchange West Texas light oil futures settled at $53.93 a barrel in November 2019, up $0.57, or 1.1%, from the previous trading day, with a trading range of $52.62-54.11; London Intercontinental Exchange Brent crude oil settled at $59.91 a barrel in December 2019, up $0.49, or 0.8%, from the previous trading day, with a trading range of 58.69-59. 96 dollars.

Britain's long delayed brexit has made progress. The president of the European Commission and British Prime Minister announced on the 17th that the European Commission and the British government reached an agreement on brexit. However, for this agreement to enter into force, it must be approved by the European Parliament and the British Parliament respectively. The UK's attempt to leave Europe without an agreement has cast a shadow on the market outlook. Investors have confidence in risky assets as a result of an agreement on brexit. A fall in the dollar usually stimulates oil prices.

In the week of October 11, the U.S. Department of energy's Energy Information Agency (EIA) announced that the net export of crude oil and petroleum products was 31000 barrels / day, and the net export was realized again after the previous week's net export of 30000 barrels / day. This is the first time the EIA has recorded two consecutive weeks of net exports.

The EIA also announced that crude oil production in the United States reached 12.6 million barrels per day in the week of October 11, a record high for the second consecutive week. During the week, U.S. commercial crude oil inventory increased, gasoline, aircraft fuel and other petroleum products inventory decreased, and the overall oil inventory decreased by 1.6 million barrels / day. In the same week, U.S. crude oil inventory increased by the largest single week since April this year, and increased for five consecutive weeks, the longest consecutive period since February.