Call Toll Free +1 855-856-TIPS
Washington, D.C. – On Thursday, WTI crude oil futures settled 0.3 percent higher at $75.03 a barrel, resulting in a more than 9 percent monthly gain for the month of September, the largest monthly gain since June.
Chinese state-owned energy companies were ordered to secure supplies for the upcoming winter season, according to reports. This helped to offset an unexpected rise in US crude inventories as well as a strong currency.
Tight supplies supported the oil market this month, with the Organization of the Petroleum Exporting Countries (OPEC) forecasting that demand will exceed supply by 1.2 million barrels per day in October and 0.9 million barrels per day in November.
The focus of investors now shifts to next week’s OPEC+ meeting, with markets anticipating that major producers will stick to their agreement to increase output by 400,000 barrels per day (bpd) in November.
