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Oil Prices Remain Steady After Reaching High By Investing.com

by Mike Robinson

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© Reuters.

By Gina Lee

Inesting.com: Oil prices continue to rise on Tuesday, after reaching its highest point in years.

The price hovered around $84.33 at 11/07 PM ET (7:30 AM GMT), but rose by 0.04% at $81.72.

Brent and WTI futures increased by at least 3.3% over the week.

According to analysts, as winter draws near, oil, coal, and gas prices are expected to continue rising.

Citi Research commodities analysts noted that “a cold winter can send energy prices even higher” after upgrading their Brent oil price forecast from $74 to $85 a barrel.

AccuWeather.com reported that the temperatures in China have fallen to the freezing mark for areas north.

But, prices could be limited by an increase in U.S. oil production. An official report predicts that the U.S. will see a significant increase in oil production next month at its largest shale-producing formation.

China’s slowed economic growth may also impact prices as China’s GDP grew 0.2% and 4.9% in the third quarter of 2021.

 

 

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