>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<
China’s most-traded crude oil futures contract on the Shanghai International Energy Exchange, for October delivery, surged by 2.9% to close at 728.3 yuan per barrel, the highest level since September 2022
Global oil prices rose to a 10-month high earlier this week after OPEC and the EIA predicted surging demand would keep prices elevated the rest of the year. The price for November deliveries for Brent crude rose 2% to as high as $92.40 a barrel.
That occurred after OPEC said in its monthly report that supply shortfalls could reduce global crude inventories by 3.3 million barrels a day in the fourth quarter. That would represent the biggest global deficit since 2007.
The report contributed to a market environment where the price of Brent crude has gained close to 25% over the past three months, while the US benchmark West Texas Intermediate (WTI) surged over 29%.
