WorldBrent crude is trading at around $ 85

Brent crude is trading at around $ 85

The price of Brent crude oil on international markets on Tuesday amounted to $ 84.69 per barrel.

At the last trading on Monday, the price of a barrel of this brand reached $ 86.04, but closed the day at $ 84.33.

As of 09.17 am on October 19, the price of Brent oil rose by 0.42 percent to $ 84.69 per barrel.

The cost of futures for WTI crude oil amounted to $ 82.14 per barrel.

Oil prices topped the $ 85 mark for the first time in a long time on Friday, October 15th.

The limited rise in prices is influenced by expectations of an increase in oil demand due to the recovery of the global economy after the coronavirus pandemic (COVID-19) and the upcoming winter season.

Demand is projected to grow further as rising prices for natural gas and coal stimulate the use of oil in power generation. This factor also stimulates the growth of prices for “black gold”.

Meanwhile, prices are under pressure from reports of US plans to increase production next month from the country’s largest oil field, the Permian Basin.

According to the US Energy Information Administration (EIA), production in the specified region in November will increase by 62 thousand barrels per day compared to the previous month – to about 4.9 million barrels.

The Anadolu Agency’s website publishes in a shortened form . .(HAS).