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Oil has reached the highest in three years

September, 24 2021

At morning trading on Friday, the price of oil reached its peak value since October 2018, rising to $77.73 per barrel. The oil market has been showing a rise for the fourth day in a row.

Prices are supported by the growing demand for fuel, data published earlier this week on the reduction of oil reserves in the United States, as well as the weakening of the dollar. According to the Ministry of Energy, raw materials stocks in the United States decreased by almost 3.5 million, which was better than analysts' expectations.

The situation with the recovery of production in the Gulf of Mexico after Hurricane Ida also affects the dynamics of trading. At the moment, about 16% of the oil production capacities in the region have not been restored.

An additional factor in the price increase is the shortage of natural gas supplies, in particular in Europe, which may affect the energy complex as a whole in the winter period. And this may lead to the fact that the price of Brent will rise to the level of $90 per barrel.

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Pembaruan dan Prakiraan Pasar

Oil has reached the highest in three years

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