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	52,320.08 336.69M	-0.93% -489.89
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Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	75,580.00	76,325.00 75,530.00	-800.00 -1.05%
BRENT CRUDE	94.99	95.18 94.44	-0.49 -0.51%
RICHARDS BAY COAL MONTHLY	103.25	0.00 0.00	0.00 0.00%
ROTTERDAM COAL MONTHLY	101.40	101.40 101.40	-0.50 -0.49%
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SUGAR #11 WORLD	13.63	13.73 13.42	0.15 1.11%