Oil prices rose to new multi-year highs on Monday due to limited global supply and high demand in the United States and other parts of the world, Reuters reports.
Brent oil quotation reached a session high of $ 86.70 a barrel, the highest level reached since October 2018, informs News.ro.
The price of West Texas Intermediate (WTI) oil rose during the session to $ 85.41 a barrel, the highest level since October 2014.
Both indices have advanced by about 20% since the beginning of September. WTI oil has been rising for nine weeks and Brent oil for seven weeks.
“The global energy crisis continues to show its teeth, and oil prices continue their upward trend this week, with traders anticipating that fuel demand will continue to rise, which, in the context of limited supply, is draining global reserves,” said Louise Dickson. senior analyst for oil markets at Rystad Energy.
Goldman Sachs anticipates that global oil demand could raise the price of Brent oil above its estimated $ 90 a barrel by the end of the year. The bank estimates that the reorientation of demand from natural gas to oil could contribute to a demand for crude oil of at least 1 million barrels per day.
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