Oil gains on rosier outlook for global economy, fuel demand

News Image

MG News | November 09, 2021 at 09:12 AM GMT+05:00

0:00

November 9, 2021: Oil prices rose for the third session on Tuesday as the passage of a U.S. infrastructure bill, Chinese exports and the global post-pandemic recovery lifted the outlook for fuel demand.

Brent crude was up 8 cents at $83.51 a barrel by 0220 GMT, after gaining 0.8% on Monday. U.S. oil was up 10 cents at $82.03, also after a 0.8% gain the previous day.

U.S. President Joe Biden's long-delayed $1 trillion infrastructure bill - which passed through Congress at the weekend - and better-than-expected Chinese exports helped paint a picture of a more expansive global economy.

"More consumption growth lies in wait once travel begins in earnest and jet fuel demand picks up," JPMorgan Chase commodities analysts said in a note.

The U.S. bank also said global demand for oil in November was already nearly back to pre-pandemic levels of 100 million barrels per day (bpd).

But as major producers maintained strict supply discipline in October, oil prices rose to seven-year highs, with fuel values also rising.

Biden, though, may take measures as early as this week to address soaring gasoline prices, Energy Secretary Jennifer Granholm said on Monday.

"He's certainly looking at what options he has in the limited range of tools a president might have to address the cost of gasoline at the pump because it is a global market," Granholm told MSNBC in an interview.

Despite the tighter market, U.S. crude inventories are expected to have risen a third straight week, Reuters polls showed, possibly helping to cap further gains.

Reuters

 

Related News

Name Price/Vol %Chg/NChg
KSE100 148,617.78
624.60M
0.86%
1274.27
ALLSHR 91,685.08
1,340.28M
0.74%
669.39
KSE30 45,247.79
197.43M
0.83%
370.74
KMI30 212,370.79
224.51M
1.05%
2209.48
KMIALLSHR 61,227.89
711.87M
1.18%
715.56
BKTi 41,264.02
160.39M
0.54%
221.73
OGTi 30,019.10
23.63M
0.64%
190.41
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,265.00 0.00
0.00
-510.00
-0.47%
BRENT CRUDE 67.46 67.94
67.29
-0.52
-0.76%
RICHARDS BAY COAL MONTHLY 88.70 88.70
88.70
-0.75
-0.84%
ROTTERDAM COAL MONTHLY 96.15 96.75
96.00
-0.40
-0.41%
USD RBD PALM OLEIN 1,106.50 1,106.50
1,106.50
0.00
0.00%
CRUDE OIL - WTI 64.01 0.00
0.00
0.00
0.00%
SUGAR #11 WORLD 16.34 16.52
16.33
-0.14
-0.85%

Chart of the Day


Latest News
August 31, 2025 at 07:00 PM GMT+05:00

Weekly Market Roundup


August 30, 2025 at 04:28 PM GMT+05:00

Key Pakistan Market Stats and Economic Indicators


August 29, 2025 at 06:04 PM GMT+05:00

SCRA inflows offset Rs8.5bn net selling



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg