The prices of oil maintained a certain relativity due to the impulse of an excessive supply that is not enough to satisfy a robust demand.
The shortage of natural gas and Coal before winter in the northern hemisphere has caused the change of fuels such as diesel and fuel oil (Asia) in the energy sector.
In an interview with the AFP agency, Gita Gopinath, chief economist of the International Monetary Fund (IMF), noted that this rise in energy prices raised fears that inflation could rise further and hamper the global economic recovery from the recession caused by the pandemic.
Along the same lines, the academic predicts that energy costs will begin to fall in early 2022.
Crude continues at highs
The price of a barrel of North Sea Brent for December delivery it lost 0.27% over Monday’s close, at $ 83.42 in London.
While in New York, the barrel of West Texas Intermediate (WTI) for November delivery gained just 0.14% to $ 80.64.
In the case of WTI “We went above the $ 80 a barrel level and we are holding,” said Matt Smith, head of oil analysis for specialist commodities data provider Kpler.
Prices continue with an upward trend despite the strengthening of the dollar, a situation that usually puts downward pressure on the barrel.
A volatile equity market also contributed to a bumpy day in the crude market, Smith noted.
The supply of crude oil continues to be limited by OPEC and its allies and a run towards oil from gas purchases, a product that has become very expensive.
UBS Group AG raised its oil estimates in both New York and London due to increased demand from the energy sector and the revival of jet fuel consumption in the US.
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