Oil prices rose on Monday as positive signs for global economic growth supported the outlook for energy demand, while Saudi Arabia’s state-owned producer Aramco raised the official selling price for its crude.<\/p>\n
Brent crude was up by 86 cents or 1% at $83.60 a barrel by 0745 GMT, after dropping nearly 2% last week. U.S. oil gained 89 cents or 1.1% to $82.16, having declined almost 3% through Friday.<\/p>\n
U.S. President Joe Biden on Saturday welcomed congressional passage of a long-delayed $1 trillion infrastructure bill, which may boost growth and demand for fuel.<\/p>\n
China’s export growth slowed in October but beat forecasts, buoyed by rising global demand ahead of the winter holiday seasons and improvements in coronavirus-hit supply chains.<\/p>\n
“We can expect overall global GDP growth to hold up energy demand,” said Avtar Sandu, senior commodities manager at Phillip Futures in Singapore, adding “prices can rise higher on tight fundamentals.”<\/p>\n
Saudi Arabia late on Friday raised the price of its benchmark crude for customers in Asia in December, exceeding market expectations.<\/p>\n
The move by Aramco suggests “demand remains strong” as the OPEC producer and other major oil exporters keep the reins on supply, ANZ Research said in a note.<\/p>\n
Demand for jet fuel looks set to take off as more governments make air travel easier with reduced restrictions for coronavirus.<\/p>\n
The Organization of the Petroleum Exporting Countries and allies such as Russia, together known as OPEC+, agreed last week to stick to their plan to raise oil output by 400,000 barrels per day from December.<\/p>\n
Biden had called on OPEC+ to produce more crude to dampen rising prices and on Saturday said his administration has “other tools” to deal with the higher price of oil.<\/p>\n
Elsewhere, China’s oil imports slumped in October to the lowest in three years, as state-owned refiners withheld purchases due to higher prices, while independent refiners were restrained by limited quotas for bringing in crude.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Monday as positive signs for global economic growth supported the outlook for energy demand, while Saudi Arabia’s state-owned producer Aramco raised the official selling price for its crude. Brent crude was up by 86 cents or 1% at $83.60 a barrel by 0745 GMT, after dropping nearly 2% last week. U.S. oil gained 89 cents or 1.1% to $82.16, having declined almost 3% through Friday. U.S. President Joe Biden on Saturday welcomed congressional passage of a long-delayed $1 trillion infrastructure bill, which may boost growth and demand for fuel. China’s export growth slowed in October but […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-448430","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/448430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=448430"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/448430\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=448430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=448430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=448430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}