Oil Prices Rise Amid Tight Supplies
Sumaira FH Published October 27, 2021 | 01:28 PM
Oil prices climbed on Wednesday, bolstered by supply shortage on the market
NEW YORK, Oct. 27 (UrduPoint / Pakistan Point News - 27th Oct, 2021 ) --:Oil prices climbed on Wednesday, bolstered by supply shortage on the market.
The West Texas Intermediate for December delivery added 89 cents to settle at 84.65 U.S. Dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery increased 41 cents to close at 86.40 dollars a barrel on the London ICE Futures Exchange.
Both crude benchmarks hit their multi-year highs as the market remains tight.
"Demand for energy has rebounded sharply as economies reopen after the COVID-19 pandemic," Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a note.
"At the same time, supply has been constrained by various issues including weather-related outages, integration challenges with renewables, and supply chain bottlenecks," he added.
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 27 April 2024
Today Gold Rate in Pakistan 27 April 2024
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
More Stories From Business
-
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 27 April 2024
41 minutes ago -
Today Gold Rate in Pakistan 27 April 2024
1 hour ago -
Finance minister reviews progress on FBR digitalization
11 hours ago -
US stocks rebound on tech earnings, London hits new record
11 hours ago -
US approves gene therapy treatment for hemophilia
10 hours ago -
KATI president for inclusion of agri sector in tax net
10 hours ago
-
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-level delegation’s v ..
12 hours ago -
Police to take every step for security of business community: IGP
12 hours ago -
WB director, Planning minister discuss reforms in development projects
12 hours ago -
IP rights crucial in achieving SDG : Jam Kamal
14 hours ago -
FBR’s data protection efforts commended by OECD assessment team
13 hours ago -
US stocks rebound on tech earnings, London hits new record
14 hours ago