In the New York crude oil market on the 18th, while Saudi Arabia's voluntary additional production cuts of crude oil were extended, the international crude oil futures price temporarily rose to the level of 1 barrel = $92 due to the view that demand was firm and supply and demand would tighten, setting a new high this year.
In the New York crude oil market, crude oil prices continue to rise, and on the 18th, the futures price of WTI, which is an indicator of international trading, temporarily rose to the level of 11 barrel = $10 for the first time in about 1 months since last November, setting a new high this year.
While Saudi Arabia's voluntary additional cuts in crude oil production were extended until the end of December, the outlook for demand for crude oil announced by OPEC = Organization of the Petroleum Exporting Countries and other organizations and recent U.S. economic indicators strengthened the view that demand would be firm and supply and demand would tighten.
If crude oil prices continue to rise, inflationary pressures will intensify, and gasoline prices and other factors may be affected on people's lives.
Market participants said, "The somewhat receding view that China's crude oil demand will fall is also pushing up crude oil prices, making it difficult to predict how long the rise in crude oil prices will last."