Benchmark oil prices continued to rise on Tuesday after hitting new annual highs the day before on fears of a fuel shortage in the global market.
The price of November futures for Brent on the London ICE Futures exchange at 8:15 a.m. is $95.03 per barrel, which is 60 cents (0.64%) higher than at the close of the previous session. On Monday, these contracts rose by $0.5 (0.5%) to $94.43 per barrel.
Quotes for WTI futures for October in electronic trading on the New York Mercantile Exchange (NYMEX) by this time increased by $1.01 (1.1%) to $92.49 per barrel. At the end of the previous session, they rose by $0.71 (0.8%) to $91.48 per barrel.
The day before, Brent had updated its record from November 11 last year, and WTI – from November 7.
“Oil is maintaining its upward momentum thanks to some signs of a Chinese economic recovery,” said Tim Waterer, senior market analyst at KCM Trade. In particular, he pointed to the improvement in industrial production and consumer spending last month, as well as the growth of retail sales by 4.6% in August in annual terms.
“WTI is trying to gain a foothold above $90 per barrel,” he added.
“The current bullish trend is likely to be driven by non-OPEC production, especially shale oil and gas production in the US, in response to rising prices,” said Robbie Fraser of Schneider Electric. – “We are seeing the first signs of this dynamic, but it needs to be stronger and more consistent to have an impact on the market.
