As the value of the dollar dropped, oil became more affordable for foreign currencies.
Oil gains have been bolstered by ongoing supply concerns, which the president of the International Energy Agency has dubbed “the first serious global energy crisis.”
Price movements rose Brent crude futures for December by $ 1. 10, or 1. 18 percent to 94. 62 dollars a barrel by 14:35 GMT, and future West Texas Crude futures for December increased by $ 1. 48, or 1. 80 percent to 86. 86 dollars a barrel..
Despite the US crude stockpiles rising by around 4. 5 million barrels in the week ending October 21, according to market sources citing information from the American Petroleum Institute, oil prices rose on Wednesday.
This exceeded the five analysts’ predictions in a Reuters survey.
The increase in crude stocks has strengthened fears of global stagnation that would reduce the demand, which also appeared in the decline in China’s crude imports.
In an effort to lower the high cost of fuel, US President Joe Biden revealed a plan last week to sell the last record amount of strategic oil reserves by the end of the year.
Even when American stocks are rising, the price of black gold is rising.
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