Oil prices continued to rise for the sixth consecutive day, today, Tuesday, on the back of supply concerns.
Natural gas prices, which are setting records, with falling European stocks and rising coal prices, have boosted demand for oil to generate electricity.
By 5:10 a.m. GMT this morning, Brent crude futures for November delivery rose 55 cents, or 0.7%, to $80.08 a barrel, after hitting a high of $80.08 a barrel. Its levels since October 2018 were at $80.35 earlier, recording an increase of 1.8% on Monday.
The West Texas Intermediate crude futures for November delivery also rose by 57 cents, or 0.8%, to reach $ 76.02 a barrel, its highest level since last July 6. It jumped 2% over the last session.
Investors remained optimistic as supply disruptions in the United States from hurricanes continued for longer than expected at a time when demand was rising due to the easing of lockdown measures and vaccinations against hurricanes, analysts said. COVID-19) on a larger scale.
Analysts also said that higher prices for spot LNG and coal could support higher oil prices.
