Singapore: American oil Prices rose for the fifth day on Wednesday to their highest level since 2014 amid global concerns about energy supplies on signs of tightness in crude oil, natural gas and coal markets.
Brent crude oil prices Supply concerns also climbed for the fourth day, especially after Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided on Monday to say they would increase their planned output rather than increase it further.
US West Texas Intermediate (WTI) oil earlier rose to $79.18 a barrel, the highest since November 10, 2014. The market was up 0.15%, or 12 cents, at $79.05 a barrel as of 0128 GMT.
Brent crude rose 0.15%, or 12 cents, to $82.68 a barrel after hitting a three-year high in the previous session.
On Monday, OPEC+ agreed to abide by its July agreement to boost production by 400,000 barrels per day (bpd) every month until at least April 2022, phasing out 5.8 million bpd of existing production cuts. did.
“Crude oil extended gains as investors worried about market strength as the energy crisis fueled demand,” ANZ said in a note.
“Given the energy crunch around the world (OPEC+) growth was significantly lower than the market expected. Not surprisingly, there is speculation that OPEC will be forced to move ahead of the next scheduled meeting if demand picks up. The growth continued.”
Late last month, the OPEC+ Joint Technical Committee (JTC) said it expected a 1.1 million bpd supply deficit this year, which could translate into a 1.4 million bpd surplus next year.
Oil prices have risen more than 50% this year, adding to the inflationary pressures that crude oil-consuming countries like the United States and India are concerned about as they recover from the COVID-19 pandemic.
Despite pressure to increase output, OPEC+ was concerned that a fourth global wave of COVID-19 infections could affect the recovery in demand, a source told Reuters shortly before Monday’s talks.
However, inventory data from the United States, the world’s largest oil consumer, showed some signs of slowing fuel demand.
The American Petroleum Institute reported that US oil reserves have increased by 951,000 barrels as of October 1. Oilprice.com reported on Tuesday.
The website cited API data to say that the list of gasoline and distillate fuels also climbed.
Brent crude oil prices Supply concerns also climbed for the fourth day, especially after Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided on Monday to say they would increase their planned output rather than increase it further.
US West Texas Intermediate (WTI) oil earlier rose to $79.18 a barrel, the highest since November 10, 2014. The market was up 0.15%, or 12 cents, at $79.05 a barrel as of 0128 GMT.
Brent crude rose 0.15%, or 12 cents, to $82.68 a barrel after hitting a three-year high in the previous session.
On Monday, OPEC+ agreed to abide by its July agreement to boost production by 400,000 barrels per day (bpd) every month until at least April 2022, phasing out 5.8 million bpd of existing production cuts. did.
“Crude oil extended gains as investors worried about market strength as the energy crisis fueled demand,” ANZ said in a note.
“Given the energy crunch around the world (OPEC+) growth was significantly lower than the market expected. Not surprisingly, there is speculation that OPEC will be forced to move ahead of the next scheduled meeting if demand picks up. The growth continued.”
Late last month, the OPEC+ Joint Technical Committee (JTC) said it expected a 1.1 million bpd supply deficit this year, which could translate into a 1.4 million bpd surplus next year.
Oil prices have risen more than 50% this year, adding to the inflationary pressures that crude oil-consuming countries like the United States and India are concerned about as they recover from the COVID-19 pandemic.
Despite pressure to increase output, OPEC+ was concerned that a fourth global wave of COVID-19 infections could affect the recovery in demand, a source told Reuters shortly before Monday’s talks.
However, inventory data from the United States, the world’s largest oil consumer, showed some signs of slowing fuel demand.
The American Petroleum Institute reported that US oil reserves have increased by 951,000 barrels as of October 1. Oilprice.com reported on Tuesday.
The website cited API data to say that the list of gasoline and distillate fuels also climbed.
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