Willington Fruit Farm

Main Menu

  • Home
  • Outdoor market
  • Consumer demand
  • Food processing firm
  • Profit on produce
  • Wholesalers profit

Willington Fruit Farm

Header Banner

Willington Fruit Farm

  • Home
  • Outdoor market
  • Consumer demand
  • Food processing firm
  • Profit on produce
  • Wholesalers profit
Consumer demand
Home›Consumer demand›Oil rises on demand outlook, despite release of China’s fuel reserves

Oil rises on demand outlook, despite release of China’s fuel reserves

By Marsha A. Jones
November 1, 2021
0
0


Oil and gas tanks are seen in an oil warehouse at a port in Zhuhai, China on October 22, 2018. REUTERS / Aly Song

  • Kuwait, Iraq say OPEC + should stick to increased targets
  • China releases gasoline and diesel reserves to boost local supply
  • Biden pushes G20 energy-producing countries to increase production

LONDON, Nov. 1 (Reuters) – Oil prices rose sharply on Monday as expectations of strong demand and the belief that a key producer group won’t turn on the taps too quickly helped reverse initial losses caused by the release of fuel reserves by China, the world’s largest consumer of energy.

Brent crude futures rose $ 1.22, or 1.5%, to $ 84.94 a barrel at 1:39 p.m. GMT, after hitting a low of $ 83.03 in the session.

US West Texas Intermediate (WTI) crude futures gained $ 1.09, or 1.3%, to $ 84.66, after falling to $ 82.74 earlier.

“The fundamentals have not changed and the oil market will remain tight in the short term,” said Stephen Brennock of the oil brokerage firm PVM Oil.

Reuters poll has shown oil prices are expected to hold near $ 80 by year-end as tight supplies and higher gas bills encourage a switch to crude for use as production fuel electricity. Read more

Oil hit multi-year highs last week, helped by a rebound in post-pandemic demand and by the Organization of the Petroleum Exporting Countries and its Russia-led allies, or OPEC +, sticking to increases in Gradual monthly production of 400,000 barrels per day (bpd), despite calls for more oil from major consumers.

Analysts expect OPEC + to stick to that figure at its November 4 meeting, with members from Kuwait and Iraq having expressed support in recent days, saying these volumes were adequate. Read more

US President Joe Biden on Saturday urged major G20 energy-producing countries with slack capacity to step up production to ensure a stronger global economic recovery as part of a broad-based effort to put pressure on OPEC + to increase supplies. Read more

Prices have risen despite the fact that China has said in a rare official statement that it has released reserves of gasoline and diesel to increase market supply and support price stability in some regions. Read more

Spurred on by rising oil prices, U.S. energy companies added oil and gas rigs for a 15th consecutive month in October, raising them to their highest since April 2020, energy services firm Baker Hughes Co said on Friday. (BKR.N). Read more

Exxon (XOM.N) and Chevron (CVX.N) are looking to add drilling rigs to the Permian shale basin after sharply cutting crews and production in the region last year, the officials said on Friday. companies. Read more

Additional reporting by Yuka Obayashi in Tokyo Editing by Muralikumar Anantharaman and Mark Potter

Our Standards: Thomson Reuters Trust Principles.


Related posts:

  1. Latest coronavirus: ‘Mix and match’ recall data will be available in the coming weeks, according to Fauci
  2. Consumer shortages offer lessons for the supply chain
  3. Covid gives major boost to small players in online retail
  4. Scottish micro-businesses predict post-pandemic rebound

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021

Categories

  • Consumer demand
  • Food processing firm
  • Outdoor market
  • Profit on produce
  • Wholesalers profit

Recent Posts

  • McCain Foods buys crop analysis tools from agricultural data firm Resson
  • A year later, the Nikiski market offers a community center for farmers and creators
  • Vijay Mallya pursues attempts to overturn bankruptcy order in UK court
  • Aleph Farms Hires Head of Regulatory Affairs Pre-Global Commercialization
  • Is Medical Properties Trust a good dividend stock? (NYSE:MPW)