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Samson » October 6th, 2021

Oil continues to rise for the fifth day

6th October, 2021

Oil prices rose for a fifth day, Wednesday, amid global concerns over energy supplies amid signs of tight crude, natural gas and coal markets

US West Texas Intermediate crude rose 0.15%, or 12 cents, at $79.05 a barrel by 05:06 GMT, and Brent crude was up 0.15%, or $82.68 cents a barrel, after rising to a three-year high in the previous session

OPEC+ agreed on Monday to abide by the July agreement to increase production by 400,000 barrels per day each month until at least April 2022, while canceling 5.8 million barrels per day of existing production cuts and the increase (OPEC+) was much less than the market had expected, given the worldwide energy crisis. Not surprisingly, there has been speculation that OPEC will have to act before the next scheduled meeting if demand continues to rise

Late last month, the OPEC+ Joint Technical Committee (JTC) said it expected a deficit of 1.1 million bpd this year, which could turn into a 1.4 million bpd surplus next year

Oil prices are up more than 50% this year, adding to inflationary pressures that oil-consuming nations like the United States and India worry will derail recovery from the COVID-19 pandemic   LINK

Source: Dinar Recaps

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