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Home Steel News NYMEX crude oil price increases 3.1% on Nov 5 due to supply shortage worry
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NYMEX crude oil price increases 3.1% on Nov 5 due to supply shortage worry

8 Nov 2021 15:05 reported by Jordan Huang

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According to the market information of crude oil on the New York Mercantile Exchange (NYMEX) on November 5th, the crude oil futures price for December came to US$81.27/barrel, increased by over 3% in a trading day.

Among them, the main reason for the strong trend was benefited by the market worry about supply shortage, as most of the market participants believed OPEC (Organization of the Petroleum Exporting Countries) would not change their production plan, the shortage of supply might happen soon. OPEC has rejected the suggestion of the US, decided to remain their daily output level at around 400,000 barrels/day.

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