WorldOil prices continue to climb, helped by weak production

Oil prices continue to climb, helped by weak production

AA / Istanbul

Oil prices continued to climb during morning trading on Wednesday, driven by the growing increase in global demand for crude, in the face of weak global production and a historic rise in natural gas prices.

The markets are still affected by the decision of the OPEC + alliance on Monday, which kept the measures easing the restrictions on oil production at 400,000 barrels / d until the end of next November. when the markets were anticipating a larger increase in crude production.

At 6:10 a.m. GMT, Brent crude futures prices, for delivery in December, rose 0.24%, or 20 cents, to $ 82.92 a barrel, approaching their all-time high for 7 years.

US West Texas Intermediate (WTI) crude futures prices, for delivery in November, also rose 0.48%, or 38 cents, to $ 79.31 a barrel.

The increase in demand for crude is explained by the fact that the major economies of the European Union have replaced the use of natural gas by that of oil, and this, in a context of historic increases in oil prices. gas, above $ 1,230 per thousand cubic meters, due to increased demand and stable production levels.

On the other hand, since the start of the week, many Chinese provinces have been facing a power generation crisis, and an inability to meet the needs of local markets, all against a backdrop of global pressures. , to reduce energy consumption.

* Translated from Arabic by Mounir Bennour.

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