There are signs that oil consumption exceeds supply and is consuming inventories, and oil prices have increased by 11% per month.

New York futures rose 0.9% on Friday. The rise in oil prices this month shows the impact of a continued shortage of natural gas, which has boosted demand for oil products. At the same time, rising profit margins suggest that crude oil consumption will remain strong as refineries continue to increase processing to meet demand. This may mean that global oil inventories will continue to decline in the coming months.

At the same time, traders continued to assess the possibility of further production increase by OPEC and its allies. The organization will meet on November 4 to consider plans to gradually resume production stalled during more outbreaks.

Ed Moya, senior market analyst at OANDA, said: "the oil market deficit may be smaller than initially expected by traders, but it will not disappear soon. If OPEC + adheres to the plan of gradually increasing production, crude oil prices may resume their bullish position."

As the energy crisis centered on natural gas has boosted the demand for oil products, oil has always been one of the outstanding commodities. So far, OPEC + believes that it is appropriate to carefully increase the supply of 400000 barrels / day per month, because the risk still exists. Meanwhile, Russia said on Thursday that it would send additional natural gas to Europe next month, after which natural gas prices fell.

Oil giants Chevron and ExxonMobil reported better than expected earnings on Friday, which also hinted to the market the possibility of increasing production capacity to increase oil production. As soaring energy prices increase their cash flow, these oil giants are using profits for share buybacks.

In an interview, Pierre breber, Chevron's chief financial officer, said that with the increase of commuting and air travel, there was "strong demand for our products and more recovery is expected" this quarter.