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Market sentiment boosted International oil prices rose on November 1

 Last Update: 2022-11-04
 Source: Internet
 Author: User

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Market sentiment was boosted, and international oil prices rose
on November 1.

Light crude for December delivery rose $1.
84, or 2.
13%,
to close at $88.
37 a barrel on the New York Mercantile Exchange as of the close of the day.
London Brent crude for January 2023 delivery rose $1.
84, or 1.
98%,
to settle at $94.
65 a barrel.

S&P Global said on the 1st that the company's survey on October 31 showed that analysts believe that U.
S.
commercial crude oil inventories fell by 1.
6 million barrels
last week.
Over the same period, U.
S.
gasoline and distillate inventories are expected to decline by 1.
9 million barrels and 1 million barrels
, respectively, month-on-month.

Tina Teng, an analyst at online trading platform CMC Markets, said that the OPEC+ production cuts announced in October will enter the implementation phase and record U.
S.
oil exports also support
the fundamentals of oil prices.

The new Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham.
Haitham al-Ghais said on the 1st that the backward investment in the oil industry is planting the seeds for the
future energy crisis.
To meet medium- and long-term oil demand, $12.
1 trillion
will need to be invested.

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