empty
 
 

2021.10.1118:41:00UTC+00Oil Futures Settle Sharply Higher

Crude oil futures climbed higher on Monday with falling inventories, the OPEC and allies' decision to stick with their plan of increasing production gradually, and the ongoing energy crunch supporting oil prices.

The Department of Energy's comments last week that there are no plans to tap into strategic reserves for now continued to support oil prices.

Russia's Gazprom PJSC, Europe's biggest supplier of the fuel, has increased its 2021 price guidance for natural gas exports and reiterated that shoring up inventories at home was its top priority.

West Texas Intermediate Crude oil futures for November settled at $80.52 a barrel, gaining $1.17 or about 1.5%.

Brent crude futures were up $1.28 or 1.55% at $83.67 a barrel a little while ago.

Power prices have surged to record highs due to widespread energy shortages in Asia, Europe and the United States. Several countries across the world have switched to oil for power generation as gas prices have been rising consistently.

Economic activity is seeing a revival in many countries thanks to the momentum in vaccination drive.

Some Indian states are reported to be experiencing electricity blackouts because of coal shortages, while in China the government has ordered miners to ramp up coal production as power prices surge.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback