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Oil prices are rising to their highest levels
- Time: 10/18/2021 08:17:16
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{Economic: Al Furat News} Oil prices rose to their highest levels in years, Monday, as demand continued to recover from the Corona pandemic.
Brent crude futures rose 87 cents, or 1 percent, to $85.73 a barrel by 01:11 GMT, the highest price since October 2018.
US West Texas Intermediate crude futures rose $1.12, or 1.4 percent, to $83.40 a barrel, the highest since October 2014.
Brent and West Texas crude contracts rose by at least three percent last week.
Analysts from ANZ Bank said in a note, Monday, that "the easing of restrictions around the world is likely to help fuel consumption recovery.
News that the United States will open its borders to vaccinated foreign travelers next month has boosted the jet fuel market. Similar movements followed in Australia and across Asia.
They added that the switch from gas to oil for power generation alone could boost demand by up to 450,000 barrels per day in the fourth quarter.
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{Economic: Al Furat News} Oil prices rose to their highest levels in years, Monday, as demand continued to recover from the Corona pandemic.
Brent crude futures rose 87 cents, or 1 percent, to $85.73 a barrel by 01:11 GMT, the highest price since October 2018.
US West Texas Intermediate crude futures rose $1.12, or 1.4 percent, to $83.40 a barrel, the highest since October 2014.
Brent and West Texas crude contracts rose by at least three percent last week.
Analysts from ANZ Bank said in a note, Monday, that "the easing of restrictions around the world is likely to help fuel consumption recovery.
News that the United States will open its borders to vaccinated foreign travelers next month has boosted the jet fuel market. Similar movements followed in Australia and across Asia.
They added that the switch from gas to oil for power generation alone could boost demand by up to 450,000 barrels per day in the fourth quarter.
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