WTI extends rally for seventh day in a row, rises above $ 81.50

Get real time updates directly on you device, subscribe now.

  • The Western Texas Intermediate (WTI) increases as the winter season approaches, the demand for energy products increases.
  • The OPEC + decision was based on the belief that oil demand will decline once other energy markets stabilize.
  • The US Baker Hughes rig count for the week ending October 15 increased to 543 from the estimate.

El Western Texas Intermediate (WTI) It is rising for the seventh day in a row, gaining 0.95% and trading at $ 81.71 during the New York session at the time of writing. As the winter season approaches for the Northern Hemisphere, gas and coal shortages are driving demand for petroleum products.

In addition, the Organization of the Petroleum Exporting Countries and its allies (OPEC +) adhere to the crude oil increase of 400,000, despite efforts by the White House to expand it. According to delegates, in the past week, the group’s decision to maintain its stance was based on the belief that the current tension in the oil market is temporary and will pass once the gas, NGL and coal markets stabilize.

Meanwhile, the US dollar index is advancing 0.01%, settling at 93.99, limited the bullish movement in black gold, as a stronger dollar generally contains bullish reactions in the price of the WTI.

Meanwhile, the US Baker Hughes team count increased to 543, up from 540 estimates. Oil rigs rose to 445, from 433.8 more than expected, while gas rigs decreased to 98 from 99.2 less than expected.

The market reaction was seen an hour before the launch when the WTI fell to $ 81.16. Once the Rig Count was released, WTI bounced off the day’s lows to settle around the $ 81.50-60 area.



Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.