Crude oil price

The oil price continues to rise, marking the eighth consecutive week of increase.

Source: China Petroleum & Chemical Corporation News Website Author: Li Yong Date: 2021-10-19 10:40

According to World Oil on October 18th, stimulated by the upcoming energy crisis in winter, oil prices rose again on Monday after the eighth consecutive week of increase.

Last week, New York crude oil futures prices rose by 3.7%, breaking through $83 per barrel, marking the longest week of continuous increase since 2015. Due to natural gas shortages, the power generation industry has increased its demand for petroleum products such as fuel oil and diesel. This coincides with the major economies recovering from the pandemic.

Earlier on Monday, West Texas Intermediate (WTI) crude oil was at its highest level in nearly seven years, while the global benchmark Brent crude oil broke through $85 per barrel for the first time since the end of 2018 on Friday. The OPEC+ alliance is still only increasing monthly supply. Some member countries are unable to meet current output targets.