Businesses are increasingly dependent on oil and miners

According to Bloomberg reported on October 25, after Saudi Arabia urged caution to boost supply, Brent crude oil prices rose to $86 per barrel, while the market structure of the jaw-dropping rebound deepened
.

Global benchmark crude prices rose 0.
6 percent, with West Texas Intermediate (WTI) hitting its highest level
since 2014.
Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, told Bloomberg Television over the weekend that oil-producing countries should not take rising oil prices for granted
.
This position was echoed
by Nigeria and Azerbaijan.

While prices have strengthened, spreads over so-called time periods, which measure the health of the market, have rebounded
more quickly.
The WTI spot price is more than $1 higher than the next month's price because traders pay a premium to secure supply
.
The spread between the two closely watched two December contracts reached its highest level
since 2013.

As the global economy recovers from the chaos caused by the COVID-19 pandemic, oil prices have more than doubled in the past 12 months, fueling inflation concerns
.
Goldman Sachs said the gas crisis has increased demand by 1 million barrels per day and global oil consumption is returning to pre-outbreak critical levels
.
Meanwhile, OPEC and its allies have shown restraint
in mitigating the harsh supply cuts they implemented in 2020 to save oil prices.

Tamas Varga, an analyst at brokerage PVM Oil Associates, said that "the market still generally expects global inventories to continue to decline in the coming months, and as long as demand growth slows slightly, it may change market sentiment"
.

Prince Abdulaziz said that if winters in the northern hemisphere were colder than normal and people switched from natural gas to crude oil, demand could increase by 500,000 to 600,000 barrels
per day.
The increased supply from OPEC+ has done little to curb gas costs in Europe and Asia or gasoline in the United States
.

In terms of prices, at 10:24 a.
m.
London time, the price of Brent crude delivered in December rose 0.
6% to $86.
01 per barrel, and West Texas Intermediate crude (WTI) delivered in December rose 0% to $
84.
28 per barrel.

However, the current strength of the oil market is mainly due to the relative scarcity
of so-called light crude oil.
Brent's premium to the Middle East Dubai benchmark crude hit its highest level since 2018, which could prompt Asian buyers to avoid buying European crude
.
Meanwhile, the discount between the price of West Texas Intermediate Oil (WTI) and Brent crude oil is at its lowest level since July, which could dampen U.
S.
exports
to Europe.