Oil: Buyers Prepare for Breakout of $ 84.50
On Monday, November 8, by the end of the day, Brent crude rose in price by 1.24%, to $ 83.63. The price traded during the day in the price range of $ 82.88 - $ 83.96.
Oil is boosted by rising energy demand amid optimism about the global economic outlook and the passage of the $ 1 trillion US infrastructure spending bill.
Saudi Arabia's oil company Aramco has raised prices for its Asian customers, which also indicates strong demand. Additional support for oil prices was provided by the weakening of the US dollar.
On Tuesday, November 9, Brent crude is worth $ 83.29 at trading in Asia. The external background for buyers remains positive. If it rises above 84.50, buyers will move towards the $ 86.50 level. In the evening, a report from the American Petroleum Institute on oil reserves will be released.
