The price of oil broke a long-standing record

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The price of oil broke a long-standing record

12.10.2021 News

During trading on Monday, October 11, the price of a barrel of Brent oil rose by 2% to $ 84.01. She reached this mark for the first time since October 2018. US WTI oil rose by $ 1.62 to $ 81.3 – the highest price since 2014, according to Reuters.

It is noted that Brent oil is steadily rising for the fifth week in a row, WTI – the seventh, the agency said.

This price increase is due to higher prices for natural gas and coal. As well as the resumption of global economic activity caused by a successful vaccination campaign in developed countries and, as a consequence, the removal of quarantine restrictions for businesses.

The dynamics of oil prices are also affected by expectations of a deepening global energy crisis.

Thus, in India, power outages began due to lack of coal in power plants. The Chinese government has ordered coal mining companies to increase production due to rising electricity prices.

Last week, the US Department of Energy refused to use strategic oil reserves to reduce rising gasoline prices, which was another factor in rising oil prices, the agency added.

It is also not expected to increase oil production in OPEC + countries, which have decided to keep production at current levels.

High oil prices are expected to persist for at least another three months.

Earlier, analysts at Goldman Sachs raised Brent’s forecast for the end of the year to $ 90 per barrel from $ 80 per barrel.

 

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