Oil prices rise on high demand & OPEC+ decision – By Russia Today Newsroom (Russia Today) / Nov 8 2021
Oil prices were climbing on Monday morning, as Saudi Arabia signals strong demand and investors digest the decision by OPEC+ to stick to its output boost plan.
The price of global benchmark Brent crude January futures grew by 84 cents or 1% to $83.58 a barrel by 06:09 GMT, trading data shows. US benchmark West Texas Intermediate (WTI) rose by 95 cents or 1.2% to $82.22. Both benchmarks reversed last week’s losses of 2% and 3% respectively.
On Friday, Saudi Arabia’s state-owned oil supplier, Saudi Aramco, raised its December selling price to Asia for its Arab light crude to $2.70 a barrel, up $1.40 from this month. The move is viewed as a sign that “demand remains strong,” analysts at ANZ Research say, as cited by Reuters.
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