Oil prices hit fresh highs
By Abigail Townsend
Date: Monday 11 Oct 2021
(Sharecast News) - Oil prices continued to climb on Monday, with both Brent and West Texas Intermediate hitting fresh highs.
Benchmark Brent, which late last month breached $80 a barrel for the first time in three years, was trading up 1.97% at $84.01 by 1530 BST, its highest since October 2018.
WTI was also higher, ahead 2.50% at $81.35. The last time WTI traded above $80 a barrel was 2014.
The price of crude has soared in recent months, as economies around the world re-open following the worst of the pandemic and demand jumps. Oil is also benefiting from the current surge in wholesale gas prices ahead of winter in the northern hemisphere.
Hurricane Ida also hit production early in September, hurting global supplies, while investment in new oil projects is slowing as governments look to pivot away from fossil fuels towards cleaner sources of energy.
Prices are expected to continue rising, with Goldman Sachs analysts last month predicting they could reach $90 a barrel by the end of the year.
Tamas Varga, oil analyst at broker PVM Oil Associates, told Reuters: "Depleting stocks, OPEC discipline and the ongoing energy crunch will provide solid price support in the next three months."
Last week, the Organization of the Petroleum Exporting Countries and the cartel's allies voted against a larger supply hike, sticking instead with previously-agreed plans to increase output only moderately and at a gradual pace.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN