Brent crude stable amid latest developments in global economy

09/11/2021 Argaam

Oil drilling rigs

Brent crude prices were steady on Tuesday as the passage of a US infrastructure bill and the positive data on Chinese exports lifted the outlook for fuel demand.

 

The international benchmark Brent crude was trading at $83.50 per barrel, at 9.05 am Makkah time.

 

WTI crude rose 0.1% to $82.02 per barrel.

 

JPMorgan Chase commodities analysts said global demand for oil in November was already nearly back to pre-pandemic levels of 100 million barrels per day (bpd), Reuters reported.

 

Meanwhile, US Secretary of Energy announced that President Joe Biden may take measures this week to solve the crisis of high gasoline prices.

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