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BREAKING
Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Brent Crude Increases Over $86 Per Barrel

  • By Al Mayadeen
  • Source: Agencies
  • 18 Oct 2021 07:25
3 Min Read

Brent crude oil prices hit their highest level in years on Monday as demand recovers, reaching $86 per barrel, recording a 1% increase.

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  • Brent Crude Increases Over $86 Per Barrel
    Brent touches its highest since Oct 2018.

World oil prices increased 1%, with the price of December for Brent crude adding up to above $86 per barrel in the early hours of Monday, reaching a record high for the first time since 2018.

The price of November futures for WTI crude rose 1.15% on Monday, up to $82.86 per barrel.

American stocks increase

US contracts dipped after American stocks advanced on Friday, with the S&P 500 chalking its best week since July as earnings buoyed sentiment. 

Bond rates in New Zealand and Australia surged as inflation in New Zealand reached its highest level in ten years. Australia's three-year bond yields jumped 18 basis points to their highest level since January. The dollar crept higher as ten-year Treasury yields climbed back toward 1.6%.

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Oil prices increased for the eighth week in a row, with West Texas Intermediate crude surpassing $83 per barrel for the first time since 2014. Brent crude oil was approaching $86 per barrel.
 
Investors are still concerned about inflation as a result of rising energy shortages, which are causing more production cuts and pushing bond yields higher.

Road to recovery

The economic recovery remains patchy while central bankers are moving closer to paring back stimulus. US consumer sentiment fell unexpectedly in early October, but retail sales still increased. 

“We are starting to see some cracks in the transitory narrative that we’ve been hearing for quite some time,” Meera Pandit, global market strategist at J.P. Morgan Asset Management, said on Bloomberg radio. 

She added, “Rates will continue to ground higher from where we are. But I don’t think from a Fed perspective, when you think about the short end of the curve, that they are going to move much earlier than 2023. They are going to be a little bit more patient than the market expects right now.”

Increase after a decrease 

Last Monday, American crude oil rose $1.15 or 1.5% to $80.5 a barrel, the highest level since late 2014, noting that it had already increased 4.6%, while Brent crude rose 81 cents, or 1%, reaching $83.20 a barrel, after rising nearly 4% the week before. 

However, the increase was after a decrease at the beginning of October. Crude oil prices fell during the day trading following a record multi-year high during which prices reached more than $83 a barrel.

The global price benchmark for Brent crude contracts decreased by 1.7% to record an $81.12 a barrel, after having jumped earlier to $83.47, hitting its highest price level since October 2018. 

  • US
  • Brent crude oil
  • Oil prices

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