Crude oil settles higher despite a strong dollar

2 min read | November 12, 2021 01:25 PM AEDT | By Arpit Verma

Crude oil settles higher despite a strong dollar — Image source: Source: © Designer491 | Megapixl.com

Steady supply from OPEC+

OPEC states in its monthly report that the group expects the oil demand to average 99.49Mbpd in the fourth quarter of 2021, down 330,000bpd relative to last month’s forecast.

Additionally, on Wednesday, the US data showed that consumer price inflation rose by the fastest rate in the last 30 years at 6.2%. The dollar rose to nearly 16-month highs against the euro and other currencies on Thursday due to bets on rising interest rates.

OPEC | Source: © Gumpapa | Megapixl.com

Image Description-OPEC

OPEC along with its allies believes that world consumption will surpass the mark of 100 million bpd in the third quarter of 2022, three months later than the forecast last month. Brent crude oil has gained more than 60% in the current year however, the prices appear to be consolidating below US$85 per barrel.

Bottom Line

Crude oil prices settled higher on Thursday as the market recovered from the concerns of the higher US dollar and increasing inflation.

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