Kyiv.Ukraine.Ukraine Gate – November 9,2021- Oil prices stabilized on Tuesday, November 9, after two consecutive sessions of growth, as the adoption of a bill on US infrastructure, Chinese exports and the global economy’s post-pandemic recovery raised the prospects for fuel demand.
The price of a barrel of Brent oil in January before 9.15 in Kiev was 83.38 dollars (-0.08%). A barrel of West Texas Intermediate oil for the month of December was trading at $81.92 (-0.01%). The initial trading in the benchmarks ended at $83.43 and $81.93, respectively.
Commodity analysts at JPMorgan Chase said global oil demand nearly returned to pre-pandemic levels of 100 million barrels per day in November.
“Growth in consumption is expected to increase once the tourism sector recovers and demand for jet fuel increases,” the consultancy added.
But with major producers adhering to strict supply discipline in October, oil prices rose to their highest level in 7 years. The cost of fuel has also gone up.
