Oil was up on Monday morning in Asia, continuing its uptrend in the early session of the week. U.S. crude hit a seven-year high, suggesting global supply remains tight amid strong fuel demand as the economic recovery from COVID-19 continues.
Brent Oil Futures Brent Oil
85.21+0.57 (+0.67%)
14:05:42 - Real Time CFD Data
85.22
10:00
12:00
14:00
85.00
85.20
85.40
Technical Summary
5 minutes:Selling Strong
Hourly:Neutral
Daily: Strong Buy
Monthly: Strong Buy
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up 0.76% to $85.28 by 12:33 AM ET (4:33 AM GMT) and WTI futures were up 0.94% to $84.55.
Toshitaka Tazawa, an analyst at Fujitomi Securities Co., Ltd. “Optimism continues to support oil prices as global supply remains tight at a time when demand is recovering from the pandemic,” said.
WTI futures are currently trending down, with contracts trading later at lower prices than current contracts.
Continued coal and gas shortages in China, India and Europe have spurred a fuel shift to diesel and fuel oil for power supply, which has also boosted black liquid prices.
The market increased options and long positions in crude oil futures in the week to October 19, the US Commodity Futures Trading Commission said on Friday, in another sign of sentiment. strong market.
Saudi Crown Prince Mohammed bin Salman said late last week that his country aims to reach 'zero' greenhouse gas emissions by 2060, a decade later than the US. The Energy Minister, Crown Prince Abdulaziz bin Salman, told Bloomberg over the weekend that producers should not take price increases for granted. Saudi Arabia is the world's leading oil exporter.
Meanwhile, U.S. energy companies last week cut the number of oil and natural gas rigs for the first time in seven weeks even as oil prices rose, Baker Hughes Co. reported. on Friday.
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