Oil prices continue to rise, and Brent crude reaches its highest level in 3 years

Oil prices continue to rise, and Brent crude reaches its highest level in 3 years

 Oil prices rose in the European market on Monday, to continue its gains for the fifth day in a row, with US crude recording its highest level in two months, and Brent crude, its highest level in three years, thanks to strong indications of improving levels of global demand for fuel, in conjunction with the lack of supplies from the “OPEC Plus” alliance. to the levels established during the last period.

US crude rose 1.8% to the level of $ 75.30, the highest since last July 14, from the opening level at $ 73.96, and recorded the lowest level at $ 73.96, and Brent crude rose by 1.9% to the level of $ 79.50 a barrel, the highest since October October 2018, from the opening level at $78.02, and the lowest level at $78.02.

On Friday, US crude gained 1.0%, and Brent crude rose by 1.1%, in the fourth consecutive daily gain.

In terms of trading last week, international oil prices achieved an average increase of 3.25%, the fifth consecutive weekly gain, thanks to indications that the market turned into a deficit during the last quarter of this year.

In the United States, commercial crude stocks fell to their lowest level in nearly three years, a strong sign of accelerating demand and withdrawal levels in the world's largest fuel consumer.

In India, crude oil imports to the country rose last August to the highest level in three months, with the authorities preparing to meet the recovering demand after easing restrictions related to the Corona virus in the fourth largest oil consumer in the world.

On the other hand, some members of the OPEC Plus alliance struggled to increase production to the planned levels during August and September, due to the lack of investments and delays in maintenance work during the worst health crisis in nearly 100 years.