The price of a barrel of Brent crude jumped, on Tuesday, above $ 80, an unprecedented rise in nearly three years, boosted by investors' expectations of rising demand, and market concerns over supplies, with the world slowly emerging from the Corona crisis.
With the availability of anti-Corona vaccines, which contributed to easing the closure measures in several countries, expectations emerged that the demand for oil would increase, while the energy crisis in the northern hemisphere pushed natural gas prices to the highest levels in seven years, which in turn was reflected in the oil market. .
At the same time, oil stocks decreased, while decisions to increase production in the Organization of Petroleum Exporting Countries (OPEC) and non-member producing countries, including Russia, did not succeed in curbing the rise in crude prices.
The price of a barrel of Brent rose in Asian morning trading by 0.9 percent to reach $ 80.24, its highest level since October 2018.
The price of West Texas Intermediate crude also rose by 0.9 percent to reach $76.07 a barrel.
"It seems that the rise in oil prices will continue. I don't see any evidence yet that the rise has peaked," John Driscoll, director of JTD Energy Services, was quoted by AFP as saying.
This comes in light of indications that the global economic recovery is slowing down, due to supply chain problems, and concern about the delta mutator, which leads to an increase in the number of corona infections in several countries.
Prices rose significantly compared to the beginning of last year, and the closure measures constituted a blow to demand worldwide, when the price of a barrel of Brent crude fell to $ 16, and West Texas Intermediate collapsed to negative levels.
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