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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KSE100	162,295.92 86.32M	-2.13% -3527.96
ALLSHR	97,214.65 202.35M	-1.96% -1946.24
KSE30	48,904.06 34.80M	-2.39% -1197.90
KMI30	233,489.96 32.82M	-2.18% -5191.41
KMIALLSHR	63,231.85 97.47M	-1.87% -1203.72
BKTi	45,100.56 17.58M	-2.31% -1065.36
OGTi	33,208.38 3.30M	-2.69% -916.96

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	75,825.00	76,715.00 75,665.00	50.00 0.07%
BRENT CRUDE	113.11	114.70 110.19	1.85 1.66%
RICHARDS BAY COAL MONTHLY	113.00	113.00 109.00	4.25 3.91%
ROTTERDAM COAL MONTHLY	110.05	110.05 110.05	-0.40 -0.36%
USD RBD PALM OLEIN	1,191.50	1,191.50 1,191.50	0.00 0.00%
CRUDE OIL - WTI	109.21	110.93 106.45	2.33 2.18%
SUGAR #11 WORLD	14.75	14.80 14.25	0.52 3.65%