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Oil up on rising demand forecasts

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NEW YORK:

Oil prices edged up on Tuesday as the US lifting of travel restrictions and more signs of a global post-pandemic recovery boosted the demand outlook, while supply remained tight. The rally came ahead of the US Energy Information Administration’s (EIA) release of oil and gasoline price predictions in its Short Term Energy Outlook (STEO), which US President Joe Biden’s administration has said it would use to determine whether to release oil from the nation’s Strategic Petroleum Reserve (SPR). Brent futures rose $0.61, or 0.7%, to $84.04 a barrel by 11:16 am EST (1616 GMT), while US West Texas Intermediate (WTI) crude rose $1.04, or 1.3%, to $82.97. That puts both Brent and WTI on track for their highest closes since November 2.

Published in The Express Tribune, November 10th, 2021.

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