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Crude oil futures end at highest since 2014

27 Oct 2021 Evaluate

Crude oil futures ended higher on Tuesday amid increasing signs of a supply shortage and higher demand for oil. Oil prices edged up to their highest since 2014, with several countries switching to oil from gas amid power shortages. According to private report, switching to oil from gas may add 1 million barrels per day to oil demand. Meanwhile, traders, who are looking ahead to weekly oil reports from the American Petroleum Institute (API) and US Energy Information Administration (EIA), are also awaiting the outcome of talks between Iran and Western Powers.

Benchmark crude oil futures for December delivery rose $0.89 or about 1.1% to settle at $84.65 a barrel on the New York Mercantile Exchange. Brent crude for December delivery gained $0.41 or 0.50 percent to settle at $86.40 a barrel on London's Intercontinental Exchange.