Bulletin
Investor Alert

Market Pulse Archives

Sept. 30, 2021, 2:57 p.m. EDT

Oil futures finish higher, contributing to gains for the month and quarter

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

By Myra P. Saefong

Oil futures finished higher on Thursday, finding support from expectations for higher oil demand after Bloomberg reported that China ordered state-owned energy companies to secure winter supplies at all costs. In the past, power shortages related to insufficient coal supplies led to purchases of oil, said Michael Lynch, president of Strategic Energy & Economic Research. He pointed out, however, that the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, can "easily" raise oil production. OPEC+ will hold a meeting Monday to decide on future production levels. The group is considering adding more oil to the global market, behind the production boost it previously agreed to, Reuters reported Thursday . West Texas Intermediate crude for November delivery rose 20 cents, or 0.3%, to settle at $75.03 a barrel on the New York Mercantile Exchange. Prices, based on the front-month contracts, gained 9.5% for the month and ended 2.1% higher for the quarter, according to Dow Jones Market Data.

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.