Black commodities continued to rise higher on Wednesday, lifted by global concerns about energy supplies showing signs of declining in the crude oil, natural gas and coal markets.
US WTI trading maintained its strengthening momentum to continue trading at a seven -year high of $ 78.85 a barrel as the market headed into the opening of the European session.
Meanwhile, Brent crude futures traded higher at around $ 82.50 a barrel, strong at a three -year high.
OPEC +’s decision to maintain an increase in oil production by 400,000 barrels a day in November, has supported higher crude oil trade.
Despite facing pressure to increase production, OPEC+ is worried that a fourth wave of the Covid-19 outbreak will hit and affect the recovery in demand.
Meanwhile, the latest report released by the American Petroleum Institute (API) showed U.S. crude oil supplies rose 951,000 barrels last week.
This indicates fuel demand in the US has begun to show signs of declining. Investors are now awaiting data from the Energy Information Administration (EIA) to confirm this increase.
