Oil rose on global growth prospects

Oil prices rose again on Monday, November 8 as it gained in energy demand prospects by a expansive global economy despite the fact that the Government of USA considered releasing part of its strategic reserves to relax the market.

A barrel of North Sea Brent for January delivery gained 0.83% in London to $ 83.43.

Meanwhile, in New York, a barrel of West Texas Intermediate (WTI) for December delivery gained 0.81% to $ 81.93.

Expectations of inflation Short-term increased in October, according to the results of the survey released by the Federal Reserve of New York on Monday, as well as consumer expectations about how much money they will earn and spend that during the next year rose to the highest level in eight years .

While the average aspirations increased in October to 5.7% for what will be inflation within a year from 5.3% in September. It was the twelfth consecutive monthly increase and a new high for the survey launched in June 2013. The medium-term expectation of what inflation will be in three years remained unchanged at 4.2%, after three consecutive monthly increases.

In recent days, several Republican lawmakers criticized Biden, accusing him of weakening the purchasing power of Americans by allowing the price of gasoline to remain very high, 62% above the same period in 2020.

On the subject, on November 6, the US Secretary of Energy, Jennifer Granholm, explained on CNN that President Joe Biden “analyzes all the tools” at his disposal to lower prices.

The official has indicated that the president is evaluating releasing a part of the strategic oil reserves and thus increasing the supply of available crude.

“Rumors are being heard” about the “potential” use of these reserves, Kpler’s Matt Smith said. “That keeps prices in a certain range” and prevents them from rising further, according to this specialist.

A US move would only have a “limited impact because oil prices are driven by world events,” according to Smith.

With information from Reuters and AFP.