Kyiv.Ukraine.Ukraine Gate – November 8,2021- Oil prices rose on Monday, November 8, after state-owned Saudi Aramco raised the official selling price of its raw materials to Asia, indicating higher demand while reducing supply.
The price of a barrel of Brent oil in January at 9:15 in Kiev was $83.54 (+0.97%). A barrel of WTI crude oil for December was trading at $82.12 (+1.05%). The initial trading in the benchmarks ended at $82.74 and $81.27, respectively.
Aramco raised the price of light Arab oil supplies in December to Asia to $ 2.70 a barrel, up $ 1.40 from November, the oil company said Friday night.
The Organization of the Petroleum Exporting Countries and its allies agreed last week to stick to a plan to increase oil production by 400,000 barrels per day from December.
US President Joe Biden has called on OPEC + to extract more to curb rising prices. In addition, Biden stressed on Saturday that his administration has “other tools” to deal with rising oil prices.
Oil imports to China fell to their lowest level in three years in October as state-owned refineries suspended purchases due to rising prices, while independent refineries were restricted in their operations due to oil import quotas.
