Oil increase after US infrastructure bill passed, China’s exports increase

London — Saudi Aramco, a state-owned producer, raised official oil prices, while positive signs of global economic growth supported the outlook for energy demand, raising oil prices on Monday.

Brent crude rose 91 cents (1.1%) at 1028 GMT to $ 83.65 a barrel after falling nearly 2% last week. US oil fell almost 3% until Friday, rising $ 1.13 (1.39%) to $ 82.40.

US President Joe Biden welcomed the postponed $ 1 trillion infrastructure bill passing parliament on Saturday, which could boost fuel demand.

China’s export growth slowed in October, but exceeded expectations, supported by rising global demand ahead of the winter holiday season and improving the coronavirus-infected supply chain.

Saudi Arabia raised the price of benchmark crude oil for Asian customers late Friday in December, exceeding market expectations.

Demand for jet fuel appears to take off as more governments reduce coronavirus limits and facilitate air travel.

A further supportive price was the decision not to accelerate OPEC’s planned production increase last week by OPEC and its allies such as Russia (known as OPEC +).

“The market believes that global oil inventories will worsen as OPEC + Group’s production has increased by only 400,000 barrels / day (barrels / day) after a major revision in the second half of last week,” Barga said. There are. “

Biden called on OPEC + to produce more crude oil to curb price increases, and said on Saturday that his administration had “other tools” to deal with rising oil prices.

In other regions, China’s oil imports fell to its lowest level in three years in October as state-owned refiners withheld purchases due to rising prices, while independent refiners had limited access to crude oil. It was suppressed because of it.

Julia Payne