Oil prices rise amid tight supplies

MG News | October 27, 2021 at 01:16 PM GMT+05:00

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October 27, 2021: Oil prices climbed on Wednesday, bolstered by supply shortage on the market.

The West Texas Intermediate for December delivery added 89 cents to settle at 84.65 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery increased 41 cents to close at 86.40 dollars a barrel on the London ICE Futures Exchange.

Both crude benchmarks hit their multi-year highs as the market remains tight.

"Demand for energy has rebounded sharply as economies reopen after the COVID-19 pandemic," Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a note.

"At the same time, supply has been constrained by various issues including weather-related outages, integration challenges with renewables, and supply chain bottlenecks," he added.

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KSE30	40,814.29 132.59M	0.33% 132.52
KMI30	192,589.16 116.24M	0.49% 948.28
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Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	119,070.00	119,265.00 118,675.00	540.00 0.46%
BRENT CRUDE	70.42	70.86 70.42	0.06 0.09%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	1.10 1.14%
ROTTERDAM COAL MONTHLY	108.75	108.75 108.75	0.40 0.37%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	68.47	68.95 68.46	0.02 0.03%
SUGAR #11 WORLD	16.56	16.60 16.20	0.30 1.85%