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Crude oil prices rise driven by roaring demand

Crude oil prices rose by 1.08%-1.42%

As of 18 October 2021, 08:40 (Moscow Time), Brent Crude futures for November delivery were trading 1.08% higher at $85.78 a barrel on the London-based ICE Futures Europe Exchange.

Light Sweet Crude (WTI) November futures on the New York Mercantile Exchange rose by 1.42% to $82.89 a barrel. Crude oil prices rise driven by the roaring demand amid the lack of coal and gas.

Pipelines run to Enbridge Inc.'s crude oil storage tanks at their tank farm in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford

Jumped in Oil prices

While – Oil prices jumped on Monday to the highest levels in years, fuelled by rebounding global demand that has contributed to power and gas shortages in key economies like China. as Reuters reported

Brent crude rose $1.26, or 1.5%, to settle at $83.65 a barrel. The session high was $84.60, its highest since October 2018.

U.S. West Texas Intermediate (WTI) crude gained $1.17, or 1.5%, to settle at $80.52, after touching its highest since late 2014 at $82.18.

The pace of economic recovery from the pandemic has supercharged energy demand at a time when oil output has slowed due to cutbacks from producing nations during the pandemic, focus on dividends by oil companies, and pressure on governments to transition to cleaner energy.

A U.S. administration

A U.S. administration official on Monday said the White House stands by its calls for oil-producing countries to “do more” and they are closely monitoring the cost of oil and gasoline. read more

The Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, have held back from boosting supply even as prices have risen. In July, the group agreed to boost output by 400,000 bpd to restore the 5.8 million bpd in supply curbs left from its 2020 deal to cut production in the wake of the coronavirus outbreak. read more

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