Oil prices rose in the European market on Tuesday, to maintain its gains for the fourth consecutive day, as US crude is about to touch the highest level of seven years, and Brent crude, the highest level in three years, due to escalating concerns about the supply deficit in the market, at a time when the levels of demand are accelerating The global economy is dependent on oil, especially with the increasing frequency of use of fuels shifting from gas to oil.
American crude rose 0.5% to the level of $ 80.88, from the opening level at $ 80.50, and recorded the lowest level at $ 80.02, and Brent crude rose by 0.75% to the level of $ 84.12 a barrel, from the opening level at $ 83.50, and recorded the lowest level at 83.15 $.
When prices settled on Monday, US crude gained 1.25%, its third consecutive daily gain, and recorded a seven-year high of $82.15 a barrel, and Brent crude rose by 1.3%, and recorded the level of $84.58 a barrel, the highest since October 2018.
L
ast week, global oil prices rose by an average of 4.5%, the seventh consecutive weekly gain, as part of the longest weekly series of gains since November 2020, thanks to the expectations of strong global demand.
The current rises in oil prices come as a result of escalating fears about an exacerbation of the market deficit, especially after the recent decision of the OPEC Plus alliance, to maintain the current production policy without approving any new increases in supplies.
At the same time, the levels of global demand for oil are accelerating, especially with the increasing frequency of the transformation of fuel uses from gas to oil, following the rise in natural gas prices to new record levels.
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