TOKYO—Oil prices edged lower on Tuesday but remained near multi-year highs, supported by a global supply shortage and strong demand in the United States, the world’s biggest consumer. Brent crude was down 55 cents, or 0.6 percent, at $85.44 a barrel by 0922 GMT. U.S. oil dropped 56 cents, or 0.7 percent, to $83.20. “There was no specific reason for the price slide … The fact that the market remains tight should drive prices up,” said Commerzbank analyst Carsten Fritsch. Goldman Sachs said Brent was likely to push above its year-end forecast of $90 a barrel, while Larry Fink, chief executive of the world’s largest asset manager BlackRock, said there was a high probability of oil reaching $100. While China’s red-hot power and coal markets have cooled somewhat after regime intervention, energy prices remain elevated worldwide as temperatures fall with the onset of the northern winter. “Forecasts for a colder …
Oil Prices Edge Lower, Still Close to Highs on Short Supply
October 26, 2021
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