International oil prices are expected to rise for three consecutive times, due to three positive aspects, but bulls must be wary of this indicator

On Tuesday (November 9), international oil prices remained firm for the third consecutive trading day. The passage of the U.S. Infrastructure Act, strong Chinese exports, and post-global pandemic economic recovery have boosted fuel demand prospects. However, US crude oil inventories are expected to rise for the third consecutive week, limiting the rise in oil prices.

GMT+8 16:24, NYMEX crude oil futures rose 0.35% to US$82.22/barrel; ICE Brent crude oil futures rose 0.22% to US$83.61/barrel.


The long-delayed $1 trillion infrastructure bill was passed in the U.S. Congress last weekend, and U.S. President Biden achieved the largest legislative achievement since he took office. Coupled with China's better-than-expected exports, it painted a more expansive global economic picture for investors.

Commodity analysts at JPMorgan Chase said that in November, global oil demand has almost returned to the level of 100 million barrels per day before the outbreak of the new crown epidemic.

However, as major oil producing countries continued to strictly abide by supply discipline in October, the price of NYMEX crude oil rose to a seven-year high, and fuel prices also rose. US Energy Secretary Jennifer Granholm said on Monday (November 8) that Biden may take measures as early as this week to deal with soaring gasoline prices.

In an interview with MSNBC, Granholm said: "The president is considering what options he may have within the limited range of tools to solve the problem of gasoline costs at gas stations, because the energy market is global."

Although the recently passed infrastructure bill includes extensive efforts aimed at staying away from oil and other fossil fuels in the long term, Granholm said: "The president does not want to see people face hesitation when it comes to refueling cars or purchasing household heating oil. He is now calling for an increase in supply reasons."

Louise Dickson, senior oil market analyst at Rystad Energy, said: “The biggest unknown is whether the global economy can grow under the current high oil prices or facing potentially higher oil prices. If the United States cannot allow OPEC+ to respond to its demand for increased production. , The U.S. has to use its own tool library to cope with soaring prices of refined oil products."

Despite the tightening of the market, the survey shows that US crude oil inventories are expected to rise for the third consecutive week, which may help limit further gains. The American Petroleum Institute (API) and the U.S. Energy Information Administration (EIA) will release weekly inventory data at 5:30 and 23:30 on Wednesday, GMT+8, respectively.

UAE Energy Minister Suhailal-Mazrouei told AsharqTV on Monday that OPEC+ is able to increase oil supply as market demand expands. If needed and agreed by OPEC+ oil-producing countries, the UAE has the ability to supply more crude oil to the market.