Price of Crude Oil Continues to increase as supply worries linger — Market Talk
WORLD, Sept. 15 – Prices for crude oil are increasing, as supply worries provide support to global energy markets.
Brent crude is up 0.5% to $94.18 a barrel while WTI is 0.6% higher at $90.70 a barrel, putting prices up 3.9% and 3.6% this week respectively.
The rally in prices has been led by both OPEC and the IEA forecasting deficits to global supply this week as supply cuts from Saudi and Russia take hold, BMI analysts say in a note. “Again, gains are being led by the supply side,” BMI says, adding that the supply picture is being further compounded by various unplanned outages among other major producers, noting “a brief shutdown of Libyan oil export ports and power and maintenance-related outages in Kazakhstan.”