Brent oil price is heading to its highest level since 2014

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Posted on: Monday, January 17, 2022 – 10:03 PM | Last update: Monday, January 17, 2022 – 10:03 PM

The global oil benchmark Brent crude price approached its highest level since 2014, during trading on Monday, at a time when pressure on the market intensified and concerns about the spread of the new mutant of the emerging Corona virus, Omicron, eased..

Bloomberg news agency indicated that Brent crude futures prices continued to rise in the trading of the London Mercantile Exchange for the fourth consecutive week last Friday, and continued to rise at the beginning of trading today in the Asian markets, approaching its highest levels in 7 years, before losing part of its gains on the back of indicators slowdown in the growth of the Chinese economy.

Since the beginning of this year, oil prices have risen by more than 10% as part of the continued production disruptions in some member countries of the OPEC Plus grouping, such as Libya and Nigeria. The International Energy Agency said last week that global oil demand rose more than expected, while the market boomed as buyers outweighed fears of an Omicron spread.

The price of Brent crude rose in Europe this morning’s trading by 0.6 percent to reach $86.56 a barrel for delivery next March, after rising last Friday by 1.9 percent. Earlier today, the price of crude reached $86.71 a barrel, 4% lower than its highest level since October 2014.

The price of West Texas Intermediate, the benchmark for US oil, rose by 0.8 percent to $84.49 a barrel for delivery last February.

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