Oil prices start the week with increases of up to 1.13 dollars

The oil prices rose on Monday as positive signals for global economic growth supported the outlook for energy demand, while the Saudi state producer Aramco raised the official sale price of its crude.

The crude Brent it was up 91 cents, or 1.1%, at $ 83.65 a barrel, after falling nearly 2% last week. The oil West Texas Intermediate (WTI) of the United States added $ 1.13, or 1.39%, to $ 82.40, after losing almost 3% the previous week.

The president of United States, Joe Biden, appreciated the passage of a long-delayed $ 1 trillion infrastructure bill in Congress that could boost growth and demand for fuel.

The growth of China’s exports slowed in October, but they exceeded estimates, driven by rising global demand heading into the winter holiday season in the Northern Hemisphere and improvements in supply chains, hit by the coronavirus pandemic.

The impressive growth of Chinese exports and imports in October means that the health of the world’s second-largest economy is improving, “said Tamas Varga, analyst at PVM Oil Associates.

“Saudi Arabia also recognizes that the market will be tight in the coming weeks, so its official sales price to Asia has increased by $ 1.40 a barrel.”

Saudi Arabia raised the price of its benchmark crude on Friday night for Asia customers in December, exceeding market expectations.

It appears that demand for jet fuel will take off as more governments facilitate air travel with restrictions lowered by the coronavirus.

The decision of the Organization of Petroleum Exporting Countries and allies like Russia, a group known as OPEC +, failing to accelerate its expected production increases last week also provided price support.


Leave a Comment