October 25, 2021

Dubai Week

Complete Dubai News World

Oil slips ahead of OPEC + supply policy meeting presented by Reuters

Oil rises as energy demand rises and US crude crosses $ 80

© Reuters. An oil rig in New Mexico, photo from the Reuters archive.

TOKYO (Reuters) – Oil prices rose on Monday, with supply restrictions from major manufacturers and rising demand for fuel, extending profits for weeks as economies try to recover from the corona virus outbreak.

It was up about 4 percent at 81 cents or 1 percent last week, up 0.212 GMT to 83.20 per barrel.

U.S. crude rose $ 1.15, or 1.5 percent, to $ 80.50 a barrel, the highest level since late 2014. U.S. crude rose 4.6 percent as of Friday.

Prices are up five weeks as vaccinated residents come out of locking measures that support economic activity as Brent rose five weeks and U.S. crude rose to seven.

Coal and gas prices are also rising, and as economies recover, oil is becoming more attractive as a fuel for oil production, which has boosted crude markets.

“We expect prices to rise sharply this quarter and we expect them to continue to fall gradually next year,” Caroline Payne, chief economist at Capital Economy, said in a statement.

(Produced by Mahmoud Salamah for the Arabic Newsletter)

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 indicate and are not relevant for trading purposes. Therefore, Fusion Media will not be responsible for any business losses you may incur as a result of using this data.

See also  GlobalFoundaries aims for $ 25 billion from listing

Fusion Media No one associated with Fusion Media will be liable for any loss or damage resulting from relying on information on the Website, including the purchase / sale of data, quotes, charts and signals. Please be fully informed about the risks and costs associated with financial market trading, which is one of the potentially risky investment forms.