On your side, the price of a barrel of North Sea Brent for delivery within the same term, which was the first day of use as the reference contract, gained 2% closing at $94.65.
Crude rose as the dollar slid from one-week highs against a basket of six currencies, as traders weighed the odds that the Federal Reserve will be less aggressive at Wednesday’s policy meeting.
The benchmark Brent and WTI indices ended October higherposting its first monthly gain since May, after the Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, said they would cut output by 2 million barrels per day (bpd).
OPEC on Monday raised its forecasts for world oil demand in the medium and long termstating that $12.1 trillion of investment is needed to meet this demand despite the transition to renewable energy sources.
These bullish factors have offset demand concerns raised by the COVID-19 restrictions in China, the world’s top crude oil importer, which reduced activity at Chinese factories in October and cut their imports from Japan and South Korea.
To further curb the price rise, US oil production rose to almost 12 million bpd in August, the highest since the start of the COVID-19 pandemic.
Source: Ambito
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