Oil prices exceed $83 per barrel

Economy

11-10-2021, 13:39

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Baghdad-INA

Oil prices rose Monday, continuing a series of gains amid supply restrictions from major producers and rising fuel demand as economies try to recover from the Corona pandemic.

Brent crude rose 1 percent to $83.20 a barrel by 02:12 GMT after rising nearly four percent last week.

U.S. crude rose 1.5% to $80.50 a barrel, its highest level since late 2014; U.S. crude had increased 4.6 percent till Friday.

Prices escalated as more vaccinated residents exited the closures, supporting economic activity, that Brent rose for five weeks and U.S. crude rose for seven weeks.

Coal and gas prices also rose as economies recovered, making oil more attractive as fuel for power generation, pushing crude markets higher.

"We believe crude oil prices will find it difficult to achieve a much higher increase in the current quarter, and we still expect them to gradually fall next year," Said Caroline Payne, chief commodity economist at Capital Economics, in an article.