Oil prices rose today, Monday, towards $80 for Brent crude, for the first time since October 23, 2018, amid increased demand for crude from European markets, which are witnessing sharp increases in natural gas prices.
Oil prices issued today indicate an increase in crude consumption in many major markets in the world, and the withdrawal of their reserve stocks, amid expectations that prices will continue to rise in the last quarter of 2021.
Brent crude oil futures prices (December delivery) rose 1.29%, or $1.02, to $78.29 a barrel.
Also, the price of US West Texas Intermediate crude futures (November delivery) rose 1.23%, or 91 cents, to $74.88 a barrel, according to "Anatolia".
Natural gas prices rose in Europe, due to the increase in demand and the stability of supply, amid warnings issued by the White House, last week, of manipulating gas prices within the old continent.
Russia aspires to operate the Nord Stream 2 gas pipeline, after pressures imposed by former US President Donald Trump, to prevent a greater dependence by Europe on Russia in the energy sector.
Since the beginning of this month, the price of Brent oil has risen by 4% and West Texas Intermediate by 5%, as hurricanes have caused disruptions in oil production and supplies.
According to UPS estimates for shipping prices, global oil demand is currently 97.5 million barrels per day, and it is likely to reach 99 million barrels per day during the current year, with the improvement of economic activity and energy demand in many countries, including China.
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