WTI crude futures were up 85 cents, or 1.1%, at $75.88 per barrel. This is the highest closing level since October. 2018 and is up 2.6% this week.
Brent crude futures were up 97 cents, or 1.2 percent, at $79.28 per barrel, and rose nearly 2.7% this week.
Crude oil prices closed positive last night (1 October). This was driven by the oil market, adjusting the market to receive oil from the OPEC+ group that increased production to 400,000 barrels per day in November.
And the depreciation of the dollar is another factor supporting oil prices. It is predicted that the oil market will face more demand than supply of 1.5 million barrels per day in the next six months.
In addition to oil production in the Gulf of Mexico has resumed full production. After having to shut down from damage from Hurricane Ida and Nicholas.
Meanwhile, investors are keeping an eye on the OPEC+ oil production policy meeting to be held on October 4.
The Spot Market is Closed
Saturday, October 2, 2021