Crude oil futures rose overnight (November 8). A positive factor was the $1 trillion infrastructure package that passed Congress. The package is to renew the U.S. infrastructure such as roads, bridges, and the expansion of broadband Internet. The news was taken as a positive factor for the coming economic recovery.
- WTI crude futures were up 66 cents, or 0.11%, at $82.00 a barrel.
- Brent crude futures were up 69 cents, or 0.8%, at $83.49 a barrel.
The oil market was also boosted by the Saudi Arabian government, which announced a $2.7 per barrel increase in the price of Arab Light Crude for customers in Asia.
Investors are paying attention to the weekly U.S. crude oil inventory report, which is scheduled to be released by the EIA tomorrow.
The Spot Market is Open
Tuesday, November 9, 2021