Oil advances for fifth straight weekBloombergOil rose for a fifth straight week with the global energy crunch set to boost demand for crude as stockpiles decline from the US to China. West Texas Intermediate for November delivery gained 0.93 percent to US$73.98 a barrel, up 2.79 percent from a week earlier. The surge in natural gas prices is expected to force some consumers to switch to oil, tightening the market further ahead of the northern hemisphere winter. Various underlying oil market gauges are also pointing to an improving market. Money managers increased their bullish ICE Brent bets positions to the most in six months, indicating many believe there is yet more room for crude prices to climb.

Source: Taipei Times September 25, 2021 15:56 UTC