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.<\/p>\n
It is noted that Brent oil is steadily rising for the fifth week in a row, WTI – the seventh, the agency said.<\/p>\n
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.<\/p>\n
The dynamics of oil prices are also affected by expectations of a deepening global energy crisis.<\/p>\n
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.<\/p>\n
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.<\/p>\n
It is also not expected to increase oil production in OPEC + countries, which have decided to keep production at current levels.<\/p>\n
High oil prices are expected to persist for at least another three months.<\/p>\n
Earlier, analysts at Goldman Sachs raised Brent’s forecast for the end of the year to $ 90 per barrel from $ 80 per barrel.<\/p>\n
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