Oil rises 11% in October as stockpiles erode away
Oil posted a monthly gain of 11 per cent on signs that consumption is outpacing supply and draining stockpiles.
Futures in New York rose 0.9 per cent on Friday. Oil’s advance this month shows the impact of an ongoing shortage of natural gas, which has boosted demand for oil products. At the same time, rising margins signal that crude consumption will remain strong as refiners continue to process more to meet demand. That could mean that global oil stockpiles will continue to fall in the coming months.
Original Article Source Credits: BNN Bloomberg News, https://www.bnnbloomberg.ca/
Article Written By: Julia Fanzeres
Original Article Posted on: Oct 29, 2021
Link to Original Article: https://www.bnnbloomberg.ca/oil-rises-11-in-october-as-stockpiles-erode-away-1.1673842