Oil Market

Oil marches upward in October on supply concerns

Oil prices in October hovered over their highest since 2014, with demand pressures exceeding supply. Expectation of higher natural gas prices encouraging a switch to oil and continued relaxation of travel restrictions supported prices. Supply is also expected to be tighter with Saudi Arabia’s oil minister dismissing calls for a steeper increase in output. IEA expects current energy crunch to boost oil demand by 500,000 bpd. It estimates the resulting supply gap to be at 700,000 bpd until OPEC+ increases...