Published On: Tue, Oct 19th, 2021
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Oil Prices Rise on China Energy Demand Concernson October 19, 2021 at 10:59 am

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LONDON—Oil prices rose on Tuesday as a supply crunch in natural gas, electricity, and coal continued across the globe while falling temperatures in China revived concerns over whether the world’s biggest energy consumer can meet domestic demand for heating. The Brent crude benchmark rose 35 cents, or 0.4 percent, to $84.68 a barrel by 0827 GMT after falling 0.6 percent on Monday. The contract is still up nearly 7 percent this month. U.S. West Texas Intermediate (WTI) futures gained 70 cents, or 0.9 percent, to $83.14, having risen 0.2 percent in the previous session and nearly 10 percent this month. “In a bull market it is usually Brent that leads the way higher, but this time around (U.S.) domestic issues provide extra support for WTI,” said Tamas Varga, oil analyst at London brokerage PVM Oil Associates. “The recent hurricane season proved to be so disruptive that (U.S.) producers have not …

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