Business News Asia
Oil prices fell further after taking profits in the previous period. The dollar strengthened in anticipation of an interest rate hike by the U.S. Federal Reserve to curb inflation.
Brent crude fell 70 cents, or 0.8%, to $82.17 a barrel.
WTI crude was down 80 cents, or 1%, at $80.79 a barrel.
Both crude oil futures continued to fall at the end of the week after a big swing, given the strong dollar and investor speculation about whether the U.S. might release oil from strategic petroleum reserves to cool prices?
On the demand side, there were positive signs with the rapid increase in air traffic. But also tight monetary and fiscal policies and also the upcoming winter in the northern hemisphere will affect oil prices.
The OPEC Organization has lowered its forecast for global oil demand in the fourth quarter by 330,000 barrels per day. High energy prices are hampering the economies’ recovery from the COVID-19 virus.
OPEC+ are sticking to their original plans to increase production by 400,000 barrels per day.
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Saturday, November 13, 2021