• November 25, 2021 3:10 am
  • Singapore

Oil heads for another weekly gain on demand hopes and shut-ins


They narrowly reached an agreement at the latest meeting. Even if they don’t get higher incomes and are uncomfortable for political opponents around the world.

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Exporters simply couldn’t turn the taps on or off as quickly as the American political calendar wanted So Biden’s administration coordinated an action by a major oil importer on Tuesday,

boosting crude supply, saying it would release from strategic stocks into the market.at a given level of demand that should reduce its price It didn’t go according to plan.

Markets responded by pushing spot prices up nearly $3 a barrel. to keep the trading price above $82 at present.too late It appears that oil traders have set prices on some stocks. It keeps prices hovering

below $80 a barrel from their early fall highs.They are making assumptions on the path of future demand. which is further complicated by a new wave of coronavirus infections. and potential social and economic constraints.


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