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On Friday, December WTI crude oil futures were at $ 78.76, up $ 0.80 or +1.03% and December Brent crude oil closed at $ 82.39, up $ 0.44 or + 0.53%.
After plunging mid-week amid concerns over rising energy and commodity supplies to the United States, the rally gathered pace alongside a broader rally in commodities, notably natural gas and coal, in a context of energy crisis sweeping Europe and Asia.
Other factors contributed to the upward and downward market performance throughout the week until Friday’s rise.
Oil prices rose earlier in the week after OPEC + opted to stick to a pre-agreement to increase production by a modest 400,000 bpd in November despite the recent fuel shortage.
Prior to this meeting, some traders believed OPEC and its allies might choose to bring more production online to meet growing demand, but some members considered the possibility of lower demand due to a fourth wave of COVID-19, before deciding to leave the increase to 400,000 bpd.
Crude oil prices have also been buoyant after the Energy Ministry said it currently has no plans to tap the strategic oil reserve in a bid to slow the recovery.
Gasoline Prices Rise As Traders Ignore Rising Inventories
On Tuesday, the American Petroleum Institute (API) announced an increase in gasoline inventories – again for the second week in a row – of 3.682 million barrels for the week ending October 1 – in addition to 3.555 million barrels from the previous week. .
This was followed on Wednesday by the Energy Information Administration (EIA) reporting that U.S. gasoline inventories rose 3.3 million barrels during the week to 225.1 million barrels, compared to expectations of analysts for a drop of 279,000 barrels.
Despite rising gasoline inventories, the national average price per gallon of gasoline stood at $ 3.22 on Wednesday, according to the AAA, the highest since at least October 2014. In some places, consumers pay a lot more.
In California, the average price is over a dollar higher at $ 4.42. In Mono County, state prices topped $ 5.
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