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27 Sept 2021
Oil Rises for Fifth Consecutive Day Amid Low Supply
The Index Today
Oil prices continued to rise for the fifth consecutive day on Monday. Brent was leading with $80 despite growing concerns of supply. The easing of pandemic restrictions across the world is gradually pushing up the demand for fuel.
Brent Crude went up 1.2% at $79.01 a barrel whereas U.S Oil was up 1.1% to $74.81 reaching its highest since July. ANZ analysts said in a note that rising prices of gas are pushing oil prices even higher and tightening of supply is bringing in inventories across the world.
OPEC countries have raised concerns about the demand rebound and lack of supply. This poses a problem as countries are unable to meet the new demand due to under-investment and maintenance delays that have continued on from the pandemic era.
PetroChina and Hengli Petrochemical bought 4.43 million barrels which are equal to about four cargoes. India has reported its oil import levels which were at a three-month high in August. This rebound came after seeing a one-year low after crude oil was stocked up in anticipating of growing demand.