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Tuesday, October 4, 2022

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Oil prices continue to climb – Brent barrels at over $ 80

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Oil prices continued their soaring on Tuesday. The reasons for the high oil prices are the strong demand, which is offset by a shortage of supply.

US crude oil was trading at a two-month high: WTI rose to $ 75.03 and a barrel of Brent cost $ 80.19, which means it hadn’t been so expensive in three years.

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The prices are supported by the solid economic recovery in many countries from the Corona slump and the more relaxed Corona situation in many places.

The oil association Opec + has been gradually increasing its production for several months. But there are fears that the rally on the gas market could spill over into the oil market.

Goldman Sachs has raised its year-end forecast for Brent price to $ 90 a barrel, up ten dollars from its previous year-end forecast of $ 80.

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A shortage of supply from the USA due to weather-related production failures increases the pressure on the oil market.

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