US West Texas Intermediate (WTI) and UK Brent crude oil futures prices soared in the week to Oct. 9, as did product benchmark prices, as industry sources indicated that 2016 could see increased consumption and a squeeze on supplies. The previous week's Friday rally carried over into Monday's session, with crude and product benchmarks posting solid increases. Market players attributed the higher crude prices largely to a stronger RBOB gasoline contract, as well as some bullishness on Wall Street. "Fuel products are leading the way today though they also seem to be deriving their strength from the broader risk appetite contributed by the equities rally," Liquidity Energy broker Peter Donovan said. Also adding to Monday's upside were comments by Russian officials indicating a willingness to meet with OPEC and non-OPEC oil producers for talks.
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