Oil continues to rise at the beginning of the new week, reaching another multiannual price peak, as problems continue with global supply of black gold amid strong demand for fuel in the United States and much of the rest of the world due to the recovery of the global economy from the COVID crisis and loose anti-epidemic travel measures.
Brent oil futures for delivery in December rose at the beginning of today’s trading by about 1% to a new three-year high of $86,43 per barrel - the highest price level since October 2018 and looking at the price peak since September 2018 about $86,74 a barrel.
December futures for US light crude WTI also rose nearly 1% to $84,76 a barrel - the highest price level since October 2014.
The upward movement is a fact after the next consecutive week of price growth, during which Brent oil rose by another 0,9% and US light crude oil - by as much as 2,6%, rising for a record ninth consecutive week.
After more than a year of declining fuel demand, gasoline and petroleum distillate consumption in the United States is again in line with five-year averages, with the United States itself the world’s largest fuel consumer.
High oil prices continue to be supported by concerns about coal and natural gas shortages in China, India and Europe, which has stimulated the shift of various energy producers to diesel and fuel oil for electricity generation.
Analysts, however, warn that there may be some downward adjustments in the coming weeks, as the sharp rise in crude oil prices has led to a growing sense of caution.
Despite such possible downward adjustments, more and more analysts and economists predict that oil prices will reach $100 a barrel.
