The Magazine for Asian Investors
WTI crude futures rose 1.7%, or $1.31, to close at $78.93 a barrel. This is the highest level since October 21, 2014.
Brent crude futures rose 1.6%, or $1.30, to $82.56 a barrel. This is the highest level since October 10, 2018.
Both crude oil futures thus rose for the fourth day in a row, and the trend for the end of the year is toward further oil price increases. The increase was recently driven by the decision of OPEC + not to further increase the crude oil output.
The OPEC+ meeting on October 4 did not produce the hoped-for increase in output. Thus, the production increase of 400,000 barrels per day agreed in July will be maintained.
OPEC+ will hold its next meeting in November. It will set an oil production policy for the month of December.
Investors are closely watching the report on U.S. crude oil inventories released today by the EIA.
The Spot Market is Open
Wednesday, October 6, 2021