Haberler      English      العربية      Pусский         Kurdî      Türkçe Delivering News and Insights Around the World Keltis
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 18/01/2022 13:13 
19.10.2021 12:42 News >> Greater Demand Ahead Of Winter Drives Oil Prices Up Amid Energy Crunch

Greater Demand Ahead Of Winter Drives Oil Prices Up Amid Energy Crunch

Oil, much in demand as alternative fuel to costly coal, gas, is triggering demand concerns and outstripping supply.

Oil prices rose on Tuesday offsetting earlier losses, as demand concerns intensified from the easing of pandemic restrictions and the upcoming winter heating season amid the energy crunch.
International benchmark Brent traded at $84.76 a barrel at 0750 GMT for a 0.51% rise after trade in the previous session ended at $84.33 a barrel.
American benchmark West Texas Intermediate (WTI) registered at $82.36 per barrel at the same time for a 0.82% increase from $81.69 a barrel at the end of the previous trading session.
Soaring coal and gas prices, which are making oil a more desirable alternative for power generation ahead of the winter heating season, are also triggering demand concerns, outstripping supply and driving oil prices up.
Prices were also supported by announcements in the US, Australia and across Asia over the lifting of restrictions from COVID-19, which are expected to boost fuel consumption.
However, weak data on US industrial output and disappointing China macroeconomic data are stoking demand concerns.
US industrial production fell short of market expectations and decreased month-on-month by 1.3% in September, according to data released by the Federal Reserve on Monday.
The Chinese economy, the world's second-biggest economy, grew by 4.9% in the third quarter, also below expectations. The slowdown was primarily due to a deceleration in the housing sector and the energy supply shortage. Accordingly, the country's industrial output also fell below market forecast by 3.1%.
On the supply side, US production from shale basins is expected to rise in November, according to the Energy Information Administration's Drilling Productivity Report on Monday. -



        Latest News
Palestinian Enters 40Th Year In Israeli Prison: NGO -41 minutes ago...
Prisoner Maher Younis has been in detention since 1983.
Tonga Volcano Has Killed At Least 2 People, Says Japan -11 minutes ago...
Japanese foreign minister says Tongan navy ships assessing damages on remote islands after communications snag.
'Japan-US Alliance Cornerstone Of Peace In Indo-Pacific Region' -11 minutes ago...
Japan's top diplomat says country will make efforts 'to establish constructive, stable Japan China relationship'
Turkiye Extends Condolences To Earthquake Victims In Afghanistan -11 minutes ago...
At least 12 people killed as magnitude 5.3 earthquake struck western part of country on Monday.
Pakistan Sees 30% Surge In Mental Illnesses Due To COVID-19 4 minutes ago...
Country has only 600 trained psychiatrists for 210M population, professor says.

 
      Top News
Former Guinean President Heads To UAE For Treatment Former Guinean President Heads To UAE For Treatment
Pakistan Announces 'Successful' Trial Of Chinese Medicine To Treat COVID-19 Pakistan Announces 'Successful' Trial Of Chinese Medicine To Treat COVID-19
Fenerbahce Beko Head Coach Djordjevic Tests COVID-19 Positive Fenerbahce Beko Head Coach Djordjevic Tests COVID-19 Positive
Greece Dismisses Suggestion It May Rethink 12-Mile Territorial Water Claims In Aegean Sea Greece Dismisses Suggestion It May Rethink 12-Mile Territorial Water Claims In Aegean Sea
Rafael Nadal Comfortably Through To 2Nd Round Of Australian Open Rafael Nadal Comfortably Through To 2Nd Round Of Australian Open
EU Removes Argentina, Australia, Canada From Free Travel List EU Removes Argentina, Australia, Canada From Free Travel List
Lebron James Apologizes To Fans For Disappointing LA Lakers Season Lebron James Apologizes To Fans For Disappointing LA Lakers Season
Utah Jazz End Skid With Win Away Over Denver Nuggets Utah Jazz End Skid With Win Away Over Denver Nuggets
Millions Of Yemenis Face Rising Hunger: UN Millions Of Yemenis Face Rising Hunger: UN
Jordanian Army Officer Killed On Syria Border Jordanian Army Officer Killed On Syria Border