The oil prices rose on Monday as good expectations for global economic growth supported the outlook for energy demand, as well as USA He said he was weighing options to cope with the high prices.
The Brent crude it rose 71 cents, or 0.83%, to $ 83.44, after losing nearly 2% last week. US oil gained 68 cents, or 0.84%, at $ 81.95, after a 3% drop last week.
Both contracts had risen more than a dollar a barrel in the first operations.
The president of USA, Joe Biden, on Saturday celebrated the approval in Congress of a infrastructure bill $ 1 trillion, long overdue, that could boost economic growth and demand for fuel.
“Global demand is outpacing supply right now – Biden’s ‘Build Back Better’ plan could exacerbate the situation – and there is little the Biden government can do to respond to that demand,” said Phil Flynn. , Principal Analyst at Price Futures Group in New York.
Last week, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, a group known collectively as OPEC +, decided not to accelerate their plans to increase production.
Biden had asked the OPEC + to produce more crude to cool the market and on Saturday said his administration had “other tools” to deal with high oil prices.
US Secretary of Energy Jennifer Granholm said on Monday that Washington was weighing its options to deal with high prices for gasoline and heating in the United States, which some analysts say could involve turning to the Strategic Reserve of Oil of the country.
“After Tuesday, nobody wants to alienate the voters,” said Kevin Book of Clearview Energy in Washington, referring to an election night in which Democrats suffered heavy defeats.
The growth of Chinese exports It slowed in October but beat forecasts, driven by increased global demand ahead of the winter holiday season and improved supply chains affected by the coronavirus.
Global demand for jet fuel also appears to improve as more governments facilitate air travel by easing restrictions related to the pandemic.