Crude oil prices expected to rise further- Demand increases

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Oil prices continued to rise this morning in Asia amid limited supply from major producers and rising fuel demand due to the economic recovery following the COVID 19 pandemic.

Brent crude oil rose 81 cents, or 1%, to $83.20 a barrel, after rising nearly 4% last week.

WTI crude oil rose $1.15, or 1.5%, to $80.50 a barrel. This corresponds to an increase of 4.6% in the past week.

Coal and gas prices have also skyrocketed in the wake of the economic recovery. This makes cheaper oil more attractive as a fuel for power generation, resulting in higher demand on the crude oil market.

While crude oil reserves in the United States began to rise again after the latest data, this could cause oil prices to falter. Rising oil reserves could indicate a downturn in demand and the stagflation many fear could occur. However, analysts still expect crude oil prices to rise significantly this quarter.

The Spot Market is Open

Monday, October 11, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.14
1,756.90
1,757.90
-0.20
-0.01%
1,750.90
1,761.90
Silver
12.14
22.75
22.85
+0.10
0.44%
22.55
22.91
Platinum
12.14
1.023.00
1,033.00
+2.00
0.20%
1,014.00
1,036.00
Palladium
12.08
2,080.00
2,230.00
+63.00
3.12%
2,017.00
2,233.00
Rhodium
05.00
12,850.00
14,850.00
0.00
0.00%
12,850.00
14,850.00
Energy
Updated at

Price

Change

%Change
Crude oil
12.14

80.93

+1.58

1.99%

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