Oil prices hit their highs in several years

In the course of trading on Monday, oil prices are increasing, reaching their highest values ​​in several years, Interfax reports.

The cost of December Brent futures for at the London stock exchange ICE Futures by 8:03 Kyiv time on Monday amounted to $83.73 per barrel, which is $1.34 (1.63%) higher than the price at the close of the previous session. The price is at its high in three years. As a result of trading on Friday, these contracts rose by $0.44 (0.5%) up to $82.39 per barrel.

The price of WTI November futures at the New York Mercantile Exchange (NYMEX) reached $80.94 per barrel by this time, which is $1.59 (2%) higher than the final value of the previous session. Quotations are at their highest level in about seven years. As a result of the previous trading, the value of these contracts increased by $1.05 (1.3%) up to $79.35 per barrel.

Over the past week, the price of WTI jumped more than 5%, demonstrating growth for the seventh consecutive week, which was the longest period of recovery since December 2013, Trading Economics writes.

Brent price has shown growth over the past five weeks.

The rise in quotations is facilitated by the continuing active demand for fuel in the context of limited supply.

The US Department of Energy said last week that it does not plan to sell oil from the strategic reserve yet. The states used their strategic reserves from time to time, usually after hurricanes or other supply disruptions, Trading Economics writes.

Tags: oil, USA, coronavirus, Oil refinery plant, price, petroleum products, oil deliveries, oil reserves, The Ministry of Energy, economy

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