RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home Commodities

Oil Price Rise to $85.22 Per Barrel

Rate Captain by Rate Captain
November 10, 2021
in Commodities, Economics
Reading Time: 2 mins read
A A
0

A group of large sea baring oil tankers moored at a Texas oil refinery near Trinity Bay just outside of Houston, Texas, loading oil for export throughout the world.

Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

AlsoRead

Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

CBN Issues Regulatory Guidelines for Open Banking in Nigeria to Ensure Financial Inclusion

Ghana begins the purchase of the Yellow Metal in a bid to strengthen its currency

On Wednesday 10th November 2021, Oil price increased which lengthen the robust gain in the previous trading session, This was after industry data showed  stock of U.S crude fell unpredictably last week immediately after  COVID-19 pandemic restrictions eased.

 Brent crude futures were at $85.22 a barrel by 07:32 GMT, increasing by 0.5%, on Tuesday.

U.S. West Texas Intermediate (WTI) crude futures rose 0.2%, to $84.31 a barrel.

The WTI crude and Brent crude futures both reached their highest points in two weeks, Which was largely influenced by tightened global inventories in the past few months in the oil market. Concurrently current data from the American Petroleum Institute (API) shows supply still remains limited.

Data from the API reveals that U.S crude stock dropped by 2.5 million barrels, Which defied expectations of market analyst who estimated 2.1 million crude stock supply.

 Avtar Sandu, A senior commodity manager at Philip Futures stated “Supplies are tight with OPEC sticking to its guns,”  referring to the recent agreement between the Organization of Petroleum Exporting Countries and their allies to maintain an output growth of 400,000 barrels per day in December.

He further said “I still see a bull charging on; it might be taking a break now, but (if there’s) any small spark, it might just continue its march,”

The oil market eagerly await weekly inventory data which will be released by the U.S. Energy Information Administration (EIA) on Wednesday to see whether it confirms the drawdown in crude stocks.

Further underpinning the view the market remains tight, trading giant Vitol Group’s CEO Russell Hardy said on Tuesday that oil demand had returned to pre-pandemic levels and that the first quarter of 2022 could see demand exceed 2019 levels.

“The possibility of a spike to $100 per barrel is clearly there,” Hardy told the Reuters Commodities Summit.

Market gains on Tuesday were mainly driven by a short-term outlook from the EIA, which projected gasoline prices would fall over the next few months.

That was a key factor U.S. President Joe Biden had been watching to determine whether to release oil from the Strategic Petroleum Reserve amid concern over recent soaring gasoline prices.

Previous Post

Coinbase Shares Take a Hit After The Firm Posted a 75% Decrease in Net Income

Next Post

Nigeria’s Economy Faces Major Impasse Concerning Fossil Fuel

Related News

CBN say Nigeria would reap the benefits of a rising oil price

Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

by Rate Captain
May 23, 2022
0

Oil prices increased at the start of the week as investors tightened their purse strings as fears about global growth...

CBN Issues Regulatory Guidelines for Open Banking in Nigeria to Ensure Financial Inclusion

by Rate Captain
May 19, 2022
0

The Central Bank of Nigeria has issued the regulatory framework for Open Banking in Nigeria in its efforts to enhance...

Ghana begins the purchase of the Yellow Metal in a bid to strengthen its currency

Ghana begins the purchase of the Yellow Metal in a bid to strengthen its currency

by Rate Captain
May 19, 2022
0

Ghana has started the bulk purchase of the yellow metal-Gold, to raise the gold component of its reserves in a...

Chicago Federal Reserve Bank Pushes Shallower Rate-hike Path

Chicago Federal Reserve Bank Pushes Shallower Rate-hike Path

by Rate Captain
May 18, 2022
0

Chicago Federal Reserve Bank President Charles Evans said he supports moving to a shallower rate-hike path by July or September...

Next Post

Nigeria's Economy Faces Major Impasse Concerning Fossil Fuel

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

BNP Paribas has joined JPMorgan’s blockchain-based network.

BNP Paribas has joined JPMorgan’s blockchain-based network.

May 23, 2022
CBN say Nigeria would reap the benefits of a rising oil price

Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

May 23, 2022

Popular Story

  • Tether, USDT market cap has dropped by US$10B since UST collapse

    Tether, USDT market cap has dropped by US$10B since UST collapse

    0 shares
    Share 0 Tweet 0
  • Experts predicts the death of Shiba Inu

    0 shares
    Share 0 Tweet 0
  • Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

    0 shares
    Share 0 Tweet 0
  • MTN Nigeria now more valuable than all Nigerian Banks combined

    0 shares
    Share 0 Tweet 0
  • Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.