The price of oil

Oil prices continue to rise, rising for the eighth week in a row

Source: Sinopec News Network Author: Li Yang Time: 2021-10-19 10:40

According to a report by World Petroleum on October 18, oil prices rose again on Monday after rising for the eighth week in a row, stimulated by the upcoming energy crisis in winter.

Last week, New York crude oil futures rose 3.7% to break through $83 per barrel, the longest weekly increase since 2015. Demand for petroleum products such as fuel oil and diesel has increased in the power generation industry due to the shortage of natural gas. This comes at a time when major economies are recovering from the pandemic.

Earlier on Monday, West Texas Intermediate crude was at its highest level in nearly seven years, while the global benchmark Brent crude topped $85 per barrel on Friday for the first time since the end of 2018. The OPEC+ alliance is still just increasing monthly supply. Some member countries are unable to even meet current output targets.