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Saturday, October 16, 2021

Oil gain for the fifth day in the supply constraint

Oil prices rose for a fifth straight day on Monday as Brent prices rose straight to ০ 0 amid concerns over Tokyo supply, as demand eased as parts of the world eased epidemic conditions.

Brent crude rose 202 cents, or 1.2 percent, to 79 79.01 a barrel by 0.08 GMT, the third straight week since Friday. US Oil added a near -.ents dollar or .. 1..8, the highest since July, after rising for the fifth week in a row last week, the highest since July.

“Supply tightness continues in all regions,” ANZ Research said in a note.

ANZ analysts said in a note that rising gas prices and oil helped drive higher because liquids became relatively cheaper.

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Shortened by the recovery in demand, the Organization of Petroleum Exporting Countries and their allies known as OPEC + found it difficult to increase production as investment or maintenance delays from the epidemic continued.

The first public sale of China’s state oil reserves worked precisely for profit as PetroChina and Hengli Petrochemical bought four cargoes for about 4.43 million barrels.

India’s oil imports hit a three-month high in August, hitting a one-year low in July as refineries, the second-largest importer of crude oil, stocked up in anticipation of higher demand.

Written by Aaron Sheldrick

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This News Originally From – The Epoch Times

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