Since October, international oil prices have generally maintained a high-level consolidation trend, with West Texas Intermediate crude futures fluctuating around $90 per barrel, while Brent crude futures have been moving around $100 per barrel. At the same time, oil and gas assets have also shown strength, with energy-related funds collectively posting gains in net asset value this month, with the highest increase reaching nearly 4%. Several analysts interviewed stated that this round of high-level consolidation in international oil prices is mainly driven by geopolitical risks and other fundamental factors, with limited downside space in the short term and a strong upward expectation. For investors, the allocation of crude oil-related assets should be determined based on their own risk tolerance.

As of press time on October 9 Beijing time, the December Brent crude futures contract was quoted at $103.49 per barrel intraday, with a maximum monthly gain of 9.7%; the November WTI crude futures contract remained above $90 per barrel, quoted at $90.9 per barrel intraday. Zhao Ruochen, a senior researcher at Galaxy Futures, told reporters that geopolitical risks are the main supporting factor for this round of high-level volatility in international oil prices. Meanwhile, global crude oil inventories have fallen to low levels in recent years, further driving oil prices upward. In the short term, international oil prices are likely to maintain high-level wide-range fluctuations.

Zhao Xiaoxiao, head of the Anliang Futures Research Institute, told reporters that for investors, using crude oil futures and equity tools requires caution, and it is not advisable to adopt a one-sided betting strategy. Investors can choose differentiated allocations in crude oil futures or crude oil-themed funds based on their own risk tolerance, capital attributes, and other factors. International oil price fluctuations and increased attention to the domestic energy sector have led to good performance in energy-related fund net asset values. Wind data shows that as of October 9, more than 30 oil and gas funds all posted gains in net asset value this month, and all are passive index funds. In addition, products with leading net asset value growth are mostly concentrated in three major areas: "oil and gas resources," "oil and gas industry," and "oil and natural gas," showing certain differentiation characteristics.

In terms of monthly net asset value growth, China Universal CSI Oil and Gas Resources ETF led the list with a growth rate of 3.97%; Yinhua CSI Oil and Gas Resources ETF and Bosera CSI Oil and Gas Resources ETF followed closely with growth rates of 3.95% and 3.88% respectively; China Universal CSI Oil and Gas Resources ETF Feeder A and C posted net asset value growth rates of 3.77% and 3.76% respectively; Bosera CSI Oil and Gas Resources ETF Feeder A and C also both exceeded 3.68% in net asset value growth. It is worth noting that the top seven products are all "oil and gas resources" ETFs and their feeder funds, demonstrating the strong elasticity of this index in recent market conditions.

At the same time, Guotai CSI Oil and Gas Industry ETF, Huatai-PineBridge CSI Oil and Gas Industry ETF, and Tianhong CSI Oil and Gas Industry Index A and other products saw net asset value growth rates concentrated between 3.28% and 3.4%. Compared with "oil and gas resources" products, "oil and gas industry" funds had slightly lower gains but still maintained a relatively high level above 3% overall, and their feeder funds also performed steadily. For investors, when selecting such products, in addition to focusing on short-term net asset value growth rates, it is also necessary to consider their own risk preferences, on-exchange liquidity, and other factors, and participate rationally in oil and gas sector investments.

Guo Yanpeng, an energy and chemicals researcher at Founder CIFCO Research Institute, told reporters that recent export recovery from major crude oil producing countries is in line with expectations, but geopolitical risks persist. Combined with the continuously compressed buffer space in current global crude oil inventories, the downside support for oil prices is strong, and the overall pattern is expected to be easy to rise and difficult to fall.