Friday , October 22 2021

Oil prices hit a new high of 5 months


Oil prices rose to a new 5-month high on Tuesday.

There are already known factors in the markets, such as the OPEC (Export Mining Organization) and US sanctions against Iran and Venezuela, but the latest one is the escalation of violence in Libya.

As of Sunday (April 7), the forces of the Libyan National Army, Khalifa Haftar and the sections of the Armed Forces are fighting against each other, loyal to an internationally recognized government of national understanding. The situation worsened on Monday when Libyan authorities had to halt their operations at the only operating airport in the capital, Tripoli. Libya is one of the leading oil suppliers to Europe.

The price of the North Sea Brent crude oil mix delivered in June rose to 7.18 hectares at 6 cents to $ 71.16 per barrel (159 liters). However, shortly before reaching $ 71.34 / barrel, it was the highest since November.

The price of US light oil WTI, at $ 64.50 / barrel, rose 10 cents from the previous cut. In the opening hours of trading, it rose to $ 64.77 a barrel, again the highest since November last year. Since the beginning of the year, the Brent price has increased by 40% and the WTI by 30%.

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