Oil Rises and Reaches Nearly Three-Year High; Vitol Sees Barrel Above $80 Due to Energy Crisis

Written by Fabio Lucas Carvalho

Published on 24/09/2021 at 23:21

Foto: Pixabay

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Oil Price Rises and Hits Highest Level in Three Years. Barrel Price Expected to Stay Above $80 Due to Energy Crisis

This Friday, on the 24th, the price rose for the third consecutive week to a peak of almost three years. Disruptions in global oil production forced companies to withdraw large quantities from the stocks.

Brent futures contracts rose $0.81, or 1.1%, closing at $78.90. U.S. oil increased by $0.68, equivalent to 0.9%, closing at $73.98. In addition, this marked the third week of gains for Brent and the fifth week of increases for WTI, mainly due to disruptions in oil production on the U.S. Gulf Coast United States.

energy crisis oil price fuel — **Image of an oil platform. Photo: Pixabay**

Louise Dikson, market analyst at Rystad Energy, commented on the matter with Reuters: “As oil prices are about to close another week of gains, the market is assessing a prolonged impact of supply disruptions and the likely storage cuts that will be necessary to meet refinery demand.”

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Oil Barrel Price Is Expected to Stay Above $80 Due to Energy Crisis, Says Vitol

Vitol stands out as the largest independent oil trading company on the planet. The company anticipates an extra increase in global oil demand of 500,000 barrels per day in the Northern Hemisphere due to the energy crisis caused by the lack of gas.

As a result, the price of oil is expected to exceed $80 per barrel. Russel Hardy, CEO of Vitol, emphasizes that this increase is partly because high gas prices raise oil demand.

“Can demand surprise us positively because of the energy switch? Yes. Is it likely that there will be half a million barrels per day of extra demand due to gas prices? Probably, during the winter.” said the CEO.

Oil Rises and Reaches Nearly Three-Year High; Vitol Sees Barrel Above $80 Due to Energy Crisis

Oil Price Rises and Hits Highest Level in Three Years. Barrel Price Expected to Stay Above $80 Due to Energy Crisis

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