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  1. Home
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  4. Oil Prices on the Rise for Fifth Day
Economy

Oil Prices on the Rise for Fifth Day

  • By Al Mayadeen
  • Source: Agencies
  • 27 Sep 2021 09:26

US oil reaches its highest price since July after 1.5% increase that set it at $75.09.

  • Pumpjacks at the Daqing oil field in Heilongjiang province, China December 7, 2018 | Reuters
    Pumpjacks at the Daqing oil field in Heilongjiang province, China December 7, 2018 (Reuters).

Oil made gains on Monday, its fifth day in a row, with Brent nearing $80 a barrel amid an increase in demand around the world as restrictions around the pandemic are easing.

Brent crude made a $1.14 gain, a 1.5% increase that put it at $79.23 per barrel. This makes for its third consecutive week on the rise. US oil made a $1.11 gain, a 1.5% increase that put it at $75.09, making for its highest price in 2 months after making gains for five consecutive weeks.

"Supply tightness continues to draw on inventories across all regions," ANZ Research said in a note.

The analysts added that rising gas prices are also helping drive oil higher as it becomes relatively cheaper to generate power.

  • United States
  • Oil
  • Oil prices
  • Crude oil

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