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Crude oil market sees upward price correction

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As of November 29, 08:39 (UTC+3), Brent Crude futures for January settlement were trading 3.84% higher at $74,35 a barrel on the London-based ICE Futures Europe Exchange.

Light Sweet Crude (WTI) futures for January delivery on the New York Mercantile Exchange rose by 4.49% to $71.2 a barrel.

The oil market sees upward price correction after a fall at the end of last week.

eBlue_economy_Crude oil market sees upward price correction Index as of November 26

On 26 November 2021, the Baltic Dry Index rose to 2,767 points, up 89 points (+3.32%) versus the level of November 25.

BDI is a number issued daily by the London-based Baltic Exchange. Not restricted to Baltic Sea countries, the index provides “an assessment of the price of moving the major raw materials by sea. Taking in 23 shipping routes measured on a time charter basis, the index covers Handysize, Supramax, Panamax, and Capesize dry bulk carriers carrying a range of commodities including coal, iron ore, and grain. Because dry bulk primarily consists of materials that function as raw material inputs to the production of intermediate or finished goods, the index is also seen as an efficient economic indicator of future economic growth and production.

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