Baxia Markets
October 19, 2021

Crude oil price still on the rise as Covid recovery continues

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US West Texas Intermediate (WTI) crude futures rose 26 cents, or 0.3 percent, to $82.54 a barrel, after touching a session high of $83.73 per barrel. After touching a session high of $86.04, the highest price since October 2018, Brent crude oil futures reversed early gains and fell 12 cents, or 0.14 percent, to trade at $84.75 per barrel.




Oil and natural gas rigs were added for the sixth week in a row last week in the United States, as increasing crude prices pushed drillers to return to the good pad. The number of oil and gas rigs in the United States increased by 10 to 543 in the week ending Oct. 15, the highest level since April 2020, according to energy services firm Baker Hughes Co. In September, the world's second-largest oil consumer's daily crude processing rate fell to its lowest level since May 2020, as feedstock shortages and environmental inspections slowed refinery operations, while independent refiners faced tightening crude import limitations.


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