Saturday, 16 October 2021

B Business

CRUDE OIL: Crude oil price now $69

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The price of Brent crude oil rose to 70 dollars a barrel on Monday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in U.S. and Canadian drilling activity that points to higher future output in North America.

 

Brent sweet crude futures, the international benchmark for oil prices, were at 70 dollars per barrel up 13 cents from their last close.

Oil markets had been well supported by production cuts led by the Organization of the Petroleum Exporting Countries and Russia which were aimed at propping up crude prices.

The cuts started in January last year and were set to last through 2018, and coincided with healthy demand growth, pushing up crude prices by more than 13 per cent since early December.

 

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