The price of the US West Texas Intermediate (WTI) crude oil fell close to midnight in the United States on Monday, 11 October 2021, but was still trading above US$ 80 per barrel. According to economic correspondents, the current change in the business trend of a slight decline in its price was partly caused when Asian oil traders began collecting their profits for the previous period and mainly due to the outcome of negotiations between the Organization of Oil Exporting Countries (OPEC) and OPEC+, which opposed the increase in crude oil production.
On 12 October 2021, at 5:54 am CET, WTI crude oil traded on the New York Mercantile Exchange (NYMEX) commodity market at US$ 80.39 per barrel, with a daily decline of -0.16% so far. According to the data of the technical analysis, this price represents a dynamic price increase in the annual comparison, precisely by + 90.34% in the last 52 weeks. According to these analytical data, the price of WTI oil also showed its price growth of 68.27% since the beginning of this year. The European counterpart of the WTI oil, namely North Sea Brent crude oil, also showed a slight drop in its price during the early European morning of 12 October, but about 25 minutes after US midnight this decline stopped and the fluctuation in the daily Brent oil price was balanced at US$ 83.65 per barrel.
According to the technical analysis, the price increase of North Sea Brent crude oil in the annual comparison shows an annual increase of +86.34% in the last 52 weeks and the increase of the Brent price since the beginning of 2021 indicates an increase of + 64.93%. Current oil prices on the world commodity market, during the European morning of 12 October, were achieved in a situation where the exchange value of the main commodity currency, namely the US dollar (USD), rose slightly again, when the US Dollar Currency (DXY), which compares the value of the USD with another six major world currencies, showed an increase of +0.03% at 94.34. On 12 October at 6:32 am CET, the global currency pair was trading at US$ 1,156 per EUR, with the daily appreciation of the EUR by +0.05% against the USD.
According to analysts and financial strategists the recent jump in oil prices came as global demand picked up, driven by energy shortages in large economies such as China. “The rise in energy prices is fuelling concerns that the transitory lift in inflation seen in the wake of the pandemic may prove to be longer lasting,” Tapas Strickland, an economist at National Australia Bank, wrote on Tuesday, 12 October. In addition, according to these experts, the increase in the price of oil on the commodity market is also related to the fact that last week the OPEC and its allies OPEC+ opposed to the increase of oil supply on the market and kept the crude oil production limits at the agreed level, which further supported the rise in oil prices.