- Crude oil prices climbed up on Monday.
- The prices witnessed a significant drop in the last week.
- Oil prices are boosted as a result of tight supplies from the US.
Crude oil prices inched up on Monday during initial trading sessions after tumbling significantly in the last week amid China's plan to release state oil reserves. November delivery Brent Crude oil futures last traded at US$73.45 per barrel up 0.78%, whereas October delivery WTI crude oil futures traded 0.72% up at US$70.22 per barrel as of 13 September 2021 at 10:30 AM AEST.
Oil prices touched the mark of US$73 per barrel on Friday due to tight supplies as a result of Hurricane Ida. Nearly 1.4Mbpd supply from US Gulf Coast has been suffering since late August. Additionally, the news of a call between the US and China also boosted oil and equity market.
Crude oil prices edged up on Monday on the back of tight supplies from the US Gulf Coast. The prices were additionally boosted by the news of a call between U.S. President Joe Biden and China’s Xi Jinping.