Brent rises for second day in row

2021-11-08 14:12:14 GMT (Economies.com)
Brent rises for second day in row

Brent crude continued to rise as the US market opened on Monday, for the second day in a row, within recovery from a 4-week low, on global demand hopes after Saudi Aramco raised December's selling prices.

 

Brent crude rose more than 1.7% to $83.98 a barrel, after opening at $82.55, and hit a low at $82.55.

 

Brent rose 1.75% on Friday, after hitting the lowest since October 7 at $80.22 a barrel.

 

Oil prices lost 2% last week, the second straight weekly loss, due to US oversupply concerns and the resumption of Iranian nuclear talks.

 

Saudi Aramco raised its December official selling price for Arab light crude to $2.7 a barrel from $1.4 during November.

 

The move to increase export prices means that global demand is strong, and that the OPEC-Plus producers will not increase output higher than previously planned levels.

 

OPEC Plus decided last week to keep the production policy unchanged, with full commitment to the current supply ceiling, and disregarded several major countries repeated calls, led by the US and India, to increase production and curb prices to support the global economic recovery.

 
 
 
  Symbol Last Change Chg.%
1.0756
0.0103
0.9692%
1.2648
0.0085
0.6794%
22.086
0.174
0.796%
114.116
3.977
3.611%
117.66
0.26
0.22%
1853.410
-3.025
0.163%
 
 
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