Crude oil climbs up on positive signs of global economic growth

November 09, 2021 02:58 PM AEDT | By Arpit Verma

Crude oil climbs up on positive signs of global economic growth — Image source: © Designer491 | Megapixl.com

Steady supply from OPEC+

The US President Joe Biden has recently welcomed congressional passage of a long-delayed infrastructure bill worth US$1 trillion, that has the potential to boost fuel demand and economic growth.

OPEC

OPEC | Source: © Gumpapa | Megapixl.com

The prices of crude oil were additionally buoyed by the decision of the Organization of the Petroleum Exporting Countries along with its allies, together known as OPEC+ gradually increasing the output.

Jennifer Granholm, the U.S. Energy Secretary stated on Monday that Washington was weighing its options to address skyrocketing gasoline prices in the US that could involve tapping the US Strategic Petroleum Reserve.

In addition to this, Saudi Arabia on Friday raised the prices of its benchmark crude for Asian customers in December.

Bottom Line

Crude oil prices surged significantly on the back of strong energy demand globally and tight supplies from OPEC+ nations.

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