Commodity News
HeadLine : Oil Up, but Eases from Five-Day Rally Over Profit Taking
Date : Sep 28 2021
Oil was up Tuesday morning in Asia but eased after a five-day rally. Investors took profits as fears that higher prices that could weaken fuel demand increased, even as market sentiment remained firm amid a tight supply globally. Brent oil futures Brent Oil futures were up 0.28% to $78.94 by and WTI futures were up 0.36% to $75.72. Both Brent and WTI futures remained above the $75 mark. Several members of the Organization of the Petroleum Exporting Countries are struggling to meet their increased quota levels, with top African oil exporters Nigeria and Angola warning that they will do so until at least 2022. Global supplies remain tight as fuel demand continues to recover from the latest COVID-19 outbreaks and Hurricane Ida disrupted production in the U.S. Gulf of Mexico region in late August 2021. Some investors also suggested that rising spot liquefied natural gas (LNG) and coal prices could also give the black liquid a boost. 

Source: Investing
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