Home Business WTI Crude Oil Closes 97 Cents On Demand Surge in Global : InfoQuest

WTI Crude Oil Closes 97 Cents On Demand Surge in Global : InfoQuest

by news dir

New York’s West Texas Intermediate (WTI) crude futures closed positive overnight, boosted by rising global demand trends.

  • WTI crude oil contract for delivery in November It was up 97 cents, or 1.2 percent, at $82.28 a barrel. It was the highest close since Oct. 21, 2014, and this week, it surged 3.7 percent.
  • Brent crude oil contract (BRENT) for delivery in December. It was up 86 cents, or 1%, at $84.86 a barrel. This was the highest close since Oct. 9, 2018, and this week, it jumped 3%.

Crude oil contracts boosted After the International Energy Agency (IEA) released a report on Thursday, the IEA has raised its forecasts for global oil demand for 2021 and 2022, saying the emerging energy crisis has forced industries to switch to oil. Thus, global oil demand will increase by 5.5 million bpd to 96.3 million bpd in 2021 and by 3.3 million bpd to 99.6 million bpd in 2022.

Mr. Carsten Fritz, Energy Analyst at Commerce Bank The research stated that Oil prices driven by bright outlook report from IEA

By InfoQuest News Agency (16 Oct. 64)

Tags: lifestyle, WTI oil, crude oil, brent crude, oil prices

Related Articles

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.