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Commodities

8 Nov 2021

Oil Prices Increase After U.S. Infrastructure Bill Passes

The Index Today

Oil prices rise on Monday which is reflecting as positive signs for global economic growth supported the outlook for energy demand, while Saudi Arabia's Aramco raised the official selling price for its crude.

Brent crude, was seen up by 91 cents, or 1.1%, at $83.65 a barrel at 1028 GMT, after dropping nearly 2% last week. U.S. oil gained $1.13, or 1.39%, to $82.40, having declined almost 3% through Friday.

Reuters reported that the U.S. President Joe Biden on Saturday welcomed congressional passage of a long-delayed $1 trillion infrastructure bill, which may boost growth and demand for fuel.

Tamas Varga, analyst at PVM Oil Associates, said, "The impressive growth in Chinese October exports and imports implies that the health of the world's second biggest economy is on the mend."

"Saudi Arabia also reckons that the next few weeks will be tight, this is why its official selling price to Asia was increased by $1.40 a barrel."

"After the sharp correction in the second half of last week the market still believes that global oil stocks will deteriorate further because the OPEC+ group has only increased production by 400,000 bpd (barrels per day)," Varga added.

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