The Bloomberg Intelligence survey found that despite notable geopolitical tensions, 92 per cent of respondents believe there is currently a geopolitical risk premium of less than $5 per barrel attached to oil prices
Brent crude oil rose as much as 80 cents a barrel towards $85 after the IEA report was released, touching its highest since November
West Texas Intermediate held above $90 after edging higher on August 9
Investors have backed away from commodities in recent months as slowing growth feeds concern that energy usage will drop
State producer Saudi Aramco increased its Arab Light grade for next month’s shipments to Asia to $9.80 a barrel
Supply losses are likely to dwarf any demand destruction
Oil is set for a monthly gain in October, building on six quarterly advances
Oil has soared this year as the roll-out of vaccines to combat the pandemic aids energy demand
Asia is set to send excess diesel supplies to Europe and possibly to the US as the delta variant dents demand
Brent oil has rallied more than 40 per cent this year as a strong rebound from the pandemic in the US, China and Europe underpins increasing fuel consumption
More than 4 million barrels a day of US oil output is now offline
The combination of frigid temperatures and refinery closures has spurred a scramble for fuels