Oil futures finish higher, contributing to gains for the month and quarter
Oil futures finished higher on Thursday, finding support from expectations for higher oil demand after Bloomberg reported that China ordered state-owned energy companies to secure winter supplies at all costs. In the past, power shortages related to insufficient coal supplies led to purchases of oil, said Michael Lynch, president of Strategic Energy & Economic Research. He pointed out, however, that the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, can “easily” raise oil production. OPEC+ will hold a meeting Monday to decide on future production levels. The group is considering adding more oil to the global market, behind the production boost it previously agreed to, Reuters reported Thursday. West Texas Intermediate crude for November delivery
CLX21,
rose 20 cents, or 0.3%, to settle at $75.03 a barrel on the New York Mercantile Exchange. Prices, based on the front-month contracts, gained 9.5% for the month and ended 2.1% higher for the quarter, according to Dow Jones Market Data.
