Crude oil futures rose overnight (Nov. 1). This is in response to hopes that oil demand will recover as countries around the world begin to open up to boost their economies.
- WTI crude futures were up 48 cents, or 0.6%, at $84.05 a barrel.
- Brent crude futures were up 99 cents, or 1.2%, at $84.71 a barrel.
The market was also driven by forecasts that the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) will not take a new decision to increase oil supplies at the November 4 meeting.
WTI oil prices fell during the day after China’s NFSRA announced that China has released gasoline and diesel from its reserves to increase supply in the oil market and help stabilize oil prices in some regions.
But oil prices later rebounded, supported by hopes that oil demand would recover as the global economy opened up. In addition, Canada’s president has announced to reduce Canada’s oil production and shut it down completely in the future.
Investors are eagerly awaiting the report on U.S. crude oil inventories to be published tomorrow.
The Spot Market is Open
Tuesday, November 2, 2021