Brent price went up to $86.25 per barrel

On Monday, benchmark oil prices continue to rise after the increase last week, Interfax reports.

Experts point out that strong demand and limited supplies contribute to growing prices.

US oil is also supported by a weak recovery in US oil production and easing travel restrictions, MarketWatch reports.

Brent December futures rose in price by $0.72 (0.84%) up to $86.25 per barrel at the London stock exchange ICE Futures by 8:03 Kyiv time. On Friday, their price increased by $0.92 (1.1%) and amounted to $85.53 per barrel.

WTI December futures went up by $0.79 (0.94%) to $84.55 per barrel at the New York Mercantile Exchange (NYMEX) in the morning. Following the results of the previous session, their price increased by $1.26 (1.5%) and amounted to $83.76 per barrel.

Brent price increased by 0.9% last week. WTI closed with gains for the ninth straight week, adding 2.6%.

“Oil continues its three-month growth, during which it gained almost 30%, as COVID-19 peaked and the US allows travel for vaccinated travellers,” said Jay Hatfield, chief executive officer of Infrastructure Capital Advisors. "We expect oil to continue rallying as it approaches November, with colder weather driving up fuel consumption and the holidays boosting gasoline demand."

Oil stocks at the Cushing terminal are rapidly approaching critically low levels and analysts expect this decline to accelerate. When it happened last time, oil prices were higher than $100, The Wall Street Journal notes.

Tags: oil, USA, price, petroleum products, oil deliveries, gasoline, diesel, oil reserves, economy, автомобильный транспорт

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