echemi logo
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > Petrochemical News > Oil prices rise to highs in a year due to OPEC+ expected to work to restrict supply

    Oil prices rise to highs in a year due to OPEC+ expected to work to restrict supply

    • Last Update: 2021-11-24
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit

    Crude oil prices jumped to their highest level in more than a year, extending this week’s gains to more than $56 per barrel, as investors are confident that OPEC’s oil-producing countries are committed to restricting global supply

    OPEC oil-producing countries have promised to continue to consume the excess oil caused by the epidemic, while global inventories continue to decrease

    In addition, Saudi Arabia kept the price of crude oil supplied to Asia unchanged, while increasing the prices of all grades to buyers in the United States and Europe

    Michael Hiley, head of over-the-counter energy trading at LPS Futures, said, “It seems that Saudi Arabia

    wants to support the market at all times .
    If demand really picks up, we may soon see oil shortages because US production will not recover soon

    ” Key technical indicators indicate that crude oil will have a correction; the 14-day relative strength indicators of Brent and WTI crude oil futures both show that the commodity is in the overbought area

    This article is an English version of an article which is originally in the Chinese language on and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.
    Related Articles

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent Echemi's opinion. If you have any queries, please write to It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to with relevant evidence.