Jakarta, CNBC Indonesia – World oil prices shot up at the end of last week’s trading. Throughout last week, the price of the black gold also posted an increase.
This weekend, the price of Brent oil closed at US$ 79.28/barrel. Up 0.97% compared to the previous day.
While the light sweet type costs US $ 75.88/barrel. Soared 1.13%.
On a weekly basis, the prices of the two major types of oil recorded an appreciation. Brent and light sweet rose 1.52% and 2.57%, respectively.
The trend of rising prices makes investors eager to buy up oil contracts. According to the records of the US Commodity Futures Trading Commission (CFTC), the position long or buy against oil contracts in the week ending 28 September 2021 was 316,676 contracts. An increase of 21,067 contracts from the previous week.
The high demand has made market participants predict that oil prices will continue to rise. A Reuters poll of 39 participants estimated that the average Brent oil price in 2021 was US$ 68.87/barrel. An increase compared to the August 2021 survey which produced a ‘forecast’ of US$ 68.02/barrel.
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