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World

25. 10. 2021. 00:00   >>  15:05 0

HIGHEST IN THREE YEARS

Oil prices rose for the seventh week in a row

The price of a barrel of oil on the London market rose last week for the seventh time in a row, reaching a new highest level in three years, because demand is expected to continue to strengthen while supply is limited.

The price of a barrel on the London market rose one percent last week to $85.53, and at one point reached $ 86.1, a new record in three years.

 

In the US market a barrel rose 1.7 percent to $ 83.76, the new highest level since October 2014.

 

Price is going up because of the growth of demand for oil, but also other energy sources, due to the recovery of the world economy from the corona crisis, while the largest producers hold relatively limited production.

 

In addition, prices are rising due to fears of coal and gas shortages in China, India and Europe, which has spurred a rise in the prices of these energy sources. That is why some electricity producers have switched from gas to cheaper heating oil and diesel.

 

China announced last week that it would intervene to stop the rise in the price of coal and ensure the supply of electricity on the eve of winter.

 

Despite growing demand, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, decided in early October to increase production in November by only 400,000 barrels a day, as they had agreed this summer.

 

"Prices could also rise in the very short term because investors have no incentive to sell, given the global shortage of energy supply and the fact that OPEC+ is just watching what is happening," said Louise Dickson of Rystad.

 

The US market was also encouraged last week by the data of the Ministry of Energy that the stocks of crude oil in Cushing fell to 31.2 million barrels, the lowest level since October 2018.

 

"U.S. demand for gasoline seems to be experiencing a bad summer," PVM analysts concluded, pointing to the highest demand at this time of year since 2007 despite high prices at gas stations.

 

The price of a barrel on the London market has risen by more than 50 percent since the beginning of the year, thanks to the recovery of oil demand due to the economic recovery, but also to OPECkeeping production below pre-pandemic levels.

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