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Global oil inventories decrease, oil prices rise 11% in October

 Last Update: 2021-11-13
 Source: Internet
 Author: User

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According to news from World Oil on November 1, there are signs that oil consumption has exceeded supply and is consuming inventory.

On Friday, New York futures prices rose 0.

At the same time, traders continue to evaluate the possibility of OPEC and its allies to further increase production

Ed Moya, senior market analyst at Oanda, said: “The oil market deficit may be smaller than traders initially expected, but it will not disappear anytime soon

As the energy crisis centered on natural gas has boosted the demand for petroleum products, petroleum has always been one of the outstanding commodities among the commodities

The oil giants Chevron and ExxonMobil's earnings reports released last Friday were better than expected, which also hinted to the market the possibility of increasing production capacity to increase oil production

Chevron Chief Financial Officer Pierre Breber said in an interview that with the increase in commuting and air travel, this quarter "demand for our products is strong, and more recovery is expected

price:

• West Texas Intermediate (WTI) crude oil for December delivery in New York rose 76 cents to close at $83.

　　• The price of Brent crude oil for December delivery rose 6 cents to $84.

　　• The price of the more active January contract rose 6 cents to close at $83.

　　In recent weeks, the flow of hedging funds from producers has also increased

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