Oil prices break the barrier of the highest levels in 3 years

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Oil prices break the barrier of the highest levels in 3 years

Reuters

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Oil prices continue to rise, during trading today, Monday, as the “Brent” mix rose above the level of 86 dollars a barrel, for the first time since December 2018.

Brent crude futures rose during morning trading above the level of $86 a barrel, but the price growth slowed down after that, and by 07:06 Moscow time, it reached the level of $85.77 a barrel, an increase of 1.14% over the previous closing price.

Meanwhile, US West Texas Intermediate crude futures rose 1.42% to $82.89 a barrel.

The rise comes in light of the increased demand for energy resources, and analysts from “ANZ” Bank said in a note today, Monday, that “the easing of restrictions (Corona) around the world is likely to help in the recovery of fuel consumption.”

They added: “News that the United States will open its borders to vaccinated foreign travelers next month has boosted the jet fuel market. Similar moves followed in Australia and across Asia.”

They also indicated that the switch from gas to oil for power generation alone could boost demand by up to 450,000 barrels per day in the fourth quarter of 2021.

Source: TASS





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