Oil prices rose today, Monday, despite the restrictions imposed on supplies from major producers, and the gains have continued for weeks, and demand for fuel increases at a time when economies are trying to recover from the Corona virus pandemic.
According to Arab Net, Brent crude rose 81 cents, or 1%, to $83.20 a barrel in the morning, after rising by about 4% last week. US crude rose $1.15, or 1.5 percent, to $80.50 a barrel, its highest level since late 2014. US crude had increased 4.6% until Friday.
Prices rise as more residents who received vaccinations leave the closure procedures, which supports economic activity, as Brent rose for five consecutive weeks and US crude increased for seven weeks.< /p>
Coal and gas prices are also rising as economies recover, making oil more attractive as a fuel for power generation, and pushing up crude markets.
We believe crude oil prices will struggle to increase much higher this quarter, Caroline Payne, senior commodity economist at Capital Economics, said in a note. We still expect it to decline gradually next year.
