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% |