Oil continues unstoppable rise and WTI hits a seven-year high

The surge in crude prices continued this Friday in a market worried about the supply of black gold, and the WTI even reached a high in almost seven years during operations.

A barrel of WTI reached 82.49 dollars during the day for the first time since October 29, 2014. Brent, meanwhile, reached $ 85.10, a level it has not risen to since October 10, 2018.

At the close, the WTI retracted in New York but also closed up 1.19% at $ 82.28 a barrel for delivery in November. This is the eighth consecutive week of price hike.

Meanwhile, Brent for December delivery gained 1.02% over Thursday’s close at $ 84.86.

"The return of demand (after the coronavirus pandemic) is faster than that of supply"Summarized Andy Lipow of Lipow Oil Associates at a time when financial markets are more optimistic about the global economic situation.

For the analyst, the market also reacted on Friday to information from the Reuters agency according to which Chinese groups would negotiate liquefied natural gas (LNG) supply agreements to meet their needs, in a context of insufficient supply of this product.

This factor, according to Lipow, favors the rise in crude oil.

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