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Oil prices are rising
- Time: 10/26/2021 08:26:33
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{Economic: Al Furat News} Oil prices rose, on Tuesday, after falling earlier, amid expectations that they will continue to rise, driven by strong demand in the United States, the largest consumer of oil and its products in the world.
Brent crude rose 27 cents, or 0.31 percent, to $86.26 a barrel by 05:13 GMT, after rising 0.5 percent on Monday, and US oil rose 14 cents, or 0.17%, to $83.90 a barrel.
While the inflamed energy and coal markets in China have cooled somewhat after the government's intervention, energy prices have remained high around the world as temperatures drop with the onset of the northern winter.
Goldman Sachs said the price of Brent crude was likely to rise above its year-end forecast of $90 a barrel, and the bank estimated that the switch to oil from gas could add 1 million barrels per day to oil demand.
Gasoline and distillate consumption is back in line with five-year averages in the United States after more than a year of lower demand.
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{Economic: Al Furat News} Oil prices rose, on Tuesday, after falling earlier, amid expectations that they will continue to rise, driven by strong demand in the United States, the largest consumer of oil and its products in the world.
Brent crude rose 27 cents, or 0.31 percent, to $86.26 a barrel by 05:13 GMT, after rising 0.5 percent on Monday, and US oil rose 14 cents, or 0.17%, to $83.90 a barrel.
While the inflamed energy and coal markets in China have cooled somewhat after the government's intervention, energy prices have remained high around the world as temperatures drop with the onset of the northern winter.
Goldman Sachs said the price of Brent crude was likely to rise above its year-end forecast of $90 a barrel, and the bank estimated that the switch to oil from gas could add 1 million barrels per day to oil demand.
Gasoline and distillate consumption is back in line with five-year averages in the United States after more than a year of lower demand.
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