Oil futures contracts closed higher on Monday, 8. The decision by Saudi Aramco to raise its oil sales prices and the approval of the infrastructure package in the US contributed to the advance. Investors are awaiting the announcement of the American President, Joe Biden, on measures related to the commodity sector.
WTI crude for December closed up 0.81% ($0.66) at $81.93 a barrel on the New York Mercantile Exchange (Nymex), and Brent for January rose 0.83% ( US$0.69), at US$83.43 a barrel, on the Intercontinental Exchange (ICE).
Amid the tightness of supply of the commodity, the state-owned oil company in Saudi Arabia, Saudi Aramco, informed that it will increase the price of oil to global customers in December. The decision comes in the wake of the ministerial meeting of the Organization of Petroleum Exporting Countries and allies (OPEC+), last week, which defined the maintenance of the pace of increase in supply, at 400,000 barrels per day (bpd) monthly.
Oil assets came to operate with an advance of 1%, but lost steam throughout the session. US Energy Secretary Jennifer Granholm said Biden will make an announcement later this week regarding oil and gasoline. According to the official, the president wants a “better balance” between demand and supply.
Also in the US, the Chamber approved the infrastructure package, at around US$ 1 trillion. “The Biden package … is a super-initiative, which will definitely help increase oil demand, and comes at a time when the US is pushing OPEC+ to increase production and ease prices,” observes Louise Dickson, analyst at Rystad Energy.
Dickson points out that the US and China have tools to help control the commodity’s price. But she believes strategic moves to free oil stockpiles will only be communicated the day after tomorrow, when the US Energy Information Administration (EIA) is due to publish its short-term outlook report for oil.
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