October 4, 2022

Dubai Week

Complete Dubai News World

Oil prices are rising on the back of positive signs of global economic growth, according to Reuters

Oil prices are rising on the back of positive signs of global economic growth, according to Reuters

© Reuters. Wholesale oil refinery in France – Photo from Reuters Archive.

NEW YORK (Reuters) – Markets rose on Monday as signs of global economic growth boosted expectations for energy demand, but the United States said it was considering options to combat higher prices.

Global major contracts traded up 69 cents, or 0.83 per cent, to close at 83.43 a barrel after losing about two per cent last week.

US West Texas Intermediate crude trades ended 66 cents, or 0.81 percent, at $ 81.93 a barrel, after falling 3 percent last week.

In early trading, both criteria were higher than a dollar a barrel.

US President Joe Biden on Saturday welcomed Congress’ long-delayed $ 1 trillion infrastructure bill, which will boost economic growth and fuel demand.

Oil prices are still supported last week by the OPEC + alliance’s decision not to accelerate its plan to increase supply.

Biden called on OPEC + to produce more crude oil to calm the market and said on Saturday that his administration had “other tools” to deal with higher oil prices.

Analysts say Washington is exploring its options to tackle higher petrol and heating oil prices in the United States, including US Energy Secretary Jennifer Granholm, and moving away from the country’s strategic petroleum reserves.

(Produced by Waqti Al-Alfi for the Arabic Bulletin)

Explanation of risks: Fusion Media I would like to remind you that the data on this website is not real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges but by market makers, so prices may be inaccurate and may differ from the actual market price, i.e. prices may not be indicative and applicable for trading purposes. Therefore Fusion Media will not be liable for any business losses incurred by you for using this data.

See also  OPEC is optimistic about oil demand in 2022

Fusion Media No one associated with Fusion Media will be liable for any loss or damage as a result of trusting the information contained in this website, including data, quotes, charts and buy / sell signals. Be fully informed about the risks and costs associated with trading financial markets, which is one of the most potentially risky investment forms.