Oil is getting more expensive amid several factors

On Tuesday, oil prices are showing growth, reaching a daily high at $75.17 per barrel. The current Brent quote is $74.65 per barrel, the price of WTI oil rose to the level of $70.92 (a maximum of $71.47 per barrel).

The main support for prices is provided by signals of a reduction in the supply of fuel in the United States. Utilities around the world are switching to fuel oil due to rising gas and coal prices (since production in the Gulf of Mexico has not yet fully recovered after Hurricane Ida), which will inevitably lead to a decrease in supply.

Market participants are also waiting for the results of the upcoming meeting of the US Federal Reserve, at which the regulator may announce the start dates of monetary policy tightening. And this can reduce the attractiveness of such a risky asset as oil.

In addition, the market may see an increase in demand for oil after the US announced the lifting of the travel ban for vaccinated foreign travelers in early November.