Latest Oil Prices, Market News and Analysis for Monday 2nd October - Bloomberg
Latest Oil Prices, Market News and Analysis for Monday 2nd October - Bloomberg
Oil Gains Ground on Outlook for Global Deficit in Final Quarter
- Adipec summit in Abu Dhabi this week may offer market insights
- WTI climbs above $91 a barrel after capping 29% quarterly rise
Oil opened the new quarter on the front foot, edging higher on widespread bets that global demand is running ahead of supply.
West Texas Intermediate advanced above $91 a barrel after soaring 29% in the three months to September, the biggest third-quarter gain in almost two decades. Holidays in many Asia-Pacific nations on Monday, including China and India, may constrain trading volumes in risk assets such as commodities.
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Oil Gains Ground on Outlook for Global Deficit in Final Quarter
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.