Oil prices reach highs for several years

Released on 18.10. 2021

  • Oil prices have been increasing for the last eight weeks. Photo: Eric Gay

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Oil prices have been rising for eight weeks. This week, too, the soaring continues.

Singapore (dpa) – Oil prices continued their soaring at the beginning of the trading week. In the morning, the prices for crude oil from the North Sea and from the USA each reached multi-year highs.

For eight weeks, oil prices have tended to rise, driven by investors’ concerns that the price would be too low Offer before the winter months.

In the morning a barrel cost (159 liters ) the North Sea variety Brent 86, 80 U.S. dollar. That was 94 cents more than on Friday. At times the price rose to 86, 04 dollars and thus at the highest level in three years.

The price for a barrel of the American variety WTI rose by 1, 18 dollar to 83, 52 dollars. Previously, the price climbed to 80, 73 dollars and thus to the highest level since 2014.

While leading industrialized countries are recovering from the economic slump in the Corona crisis, concerns about a supply deficit are increasing on the oil market. Above all, investors are looking at a shortage of natural gas, which has resulted in an increased demand for crude oil to operate power plants. Against this background, experts do not rule out a further increase in oil prices.

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