Crude oil prices are supported by the increase in natural gas prices.
OPEC+ has decided to stick to its previous agreement to increase production by 400,000 barrels per month.
Crude oil prices rose on Thursday after Saudi Arabia rejected a call for additional OPEC+ supplies. According to the International Energy Agency (IEA), the increase in natural gas prices, which led to the use of oil from gas in the power generation sector, also increased prices. Brent Crude oil futures for December delivery were last traded at US$84.48, down 0.36%, while WTI crude oil futures for November delivery fell 0.54% to US$81.77 per barrel on 15 October 2021 at 11 pm. :52 Traded on AEDT.
Increasing energy demand
According to the IEA, oil demand is expected to increase by about half a million barrels per day as industries and the global energy sector shift from a relatively more expensive energy source to crude oil.
In its monthly report, the agency increased its forecast for global oil demand in 2022 by 210,000 barrels and forecasts oil demand to be 99.6 million barrels per day next year.