Brent price went up to $79.08 per barrel

The oil market is growing for the fifth session in a row.

On Monday, oil prices are growing steadily during trading, adding more than 1%, Interfax reports.

By 8:09 am Kyiv time, Brent November futures rose in price by $0.99 (1.27%) to $79.08 per barrel at the London ICE Futures exchange. On Friday, Brent price went up by $0.84 (1.1%) to $78.09 per barrel.

By this time, WTI November futures rose in price by $0.98 (1.32%) to $74.96 per barrel at the New York Mercantile Exchange (NYMEX). During the previous session, the contracts price increased by $0.68 (0.9%) to $73.98 per barrel.

The oil market is growing for the fifth session in a row, the quotations are supported by persistent concerns about supply amid growing demand in several regions of the world amid easing restrictions associated with the coronavirus pandemic.

Over the past 12 months, quotations have gained more than 80%.

Rising prices "continue to support concerns about limited supply in the energy markets," Warren Patterson, director of the commodity strategy at ING Groep NV, told Bloomberg. "It looks like demand will grow faster than expected in the short term."

An additional driver of growth in oil prices is the shortage of natural gas supplies, in particular in Europe, which may affect the energy complex as a whole in the winter, Bloomberg notes. Goldman Sachs Group Inc. expects that this could lead to a rise in oil prices to $90 per barrel.

Tags: contracts, oil, coronavirus, price, petroleum products, oil deliveries, gasoline, diesel, natural gas, economy, Europe

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