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

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

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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

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

A village with 115 inhabitants wants new residents: it offers a house, a job, up to 44 thousand euros in benefits, almost free rent, an annual grant of 8 thousand euros for 3 years, and a 20 thousand euro incentive for businesses in the mountains of Italy.

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NASA is offering US$ 750,000 to people from anywhere in the world who solve a problem that could decide survival on Mars: creating food for astronauts without relying on resupply from Earth.

With an 88-meter wingspan, a capacity of 250 tons, six engines, and 32 wheels, the Ukrainian giant became the greatest symbol of extreme air transport and one of the most impressive machines in aviation history.

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After 16 years and almost 600 prototypes, a Chinese inventor unveils the world’s smallest and cheapest manned jet, at just 3.80 meters long and costing US$7.2 thousand in materials.

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