Oil Prices Continue to Rise
WTI crude oil prices rose above $74 a barrel on Friday (10/1), extending gains from the previous session, driven by expectations of rising demand. Prolonged cold weather in the Northern Hemisphere is anticipated to increase heating fuel consumption. There are also signs of strong demand, as evidenced by a report showing a seventh straight weekly decline in U.S. crude inventories.
In addition, Russian seaborne oil exports recently fell to their lowest since August 2023, raising supply concerns. However, gains were capped by weak demand signals in China, where inflation is near zero, and a stronger U.S. dollar, which makes oil less attractive to international buyers. For the week, oil is on track for a modest gain.(AL)
Source: Trading Economics