Crude oil futures hit a two-week high last night (Nov. 9) with a focus on the massive infrastructure package.
- WTI crude futures were up $2.22, or 2.7%, at $84.15 a barrel.
- Brent crude futures were up $1.35, or 1.6%, at $84.78 a barrel.
The market continues to react to the passage of a $1 trillion infrastructure investment bill by the U.S. House of Representatives.
Including global demand in November, demand is back up to nearly 100 million barrels per day. This comes close to the level before COVID-19 erupted in early 2020.
Investors are also keeping an eye on the U.S., which is likely to take action to contain the rise in oil prices. The U.S. is expected to drain its oil reserves (SPR) to contain the rise in domestic oil prices.
This comes after OPEC+ rejected U.S. demands to increase oil production by more than 400,000 barrels per day.
Investors are watching today’s EIA report on U.S. crude oil inventories.
The Spot Market is Open
Wednesday, November 10, 2021