Oil Prices Have Now Risen for Eight Weeks in A Row
Oil prices have now been on the rise for eight weeks in a row, thanks to strong demand and limited supply in the oil market. This puts oil prices on track for the longest period of increases since 2015.
Prices have reached their highest levels in years due to the high demand for oil due to the strong economic recovery from the corona crisis. On top of that are the shortages of coal and gas in Asia and Europe, forcing energy companies to switch to petroleum to keep production going. That drives the question even further.
The price of a barrel of Brent oil (of 159 litres), the benchmark for oil from Europe, the Middle East and Africa, is now approaching 85 dollars. The price of US WTI (West Texas Intermediate) oil is approximately $82 per barrel. Analysts do not rule out the possibility that oil prices will rise further in the coming period, possibly as much as $100 a barrel.
The International Energy Agency (IEA) raised its forecast for global oil demand for this year and next on Thursday.