Oil prices benefit from continued energy shortage

AA / Istanbul

Crude oil prices resumed their ascent after falling at the start of Tuesday’s session, with the persistence of the energy crisis in Europe and China, and growing global demand for fossil fuels.

The shortage of natural gas supply to factories and power generation companies is still present in the European Union and China, due to increased demand and stable supplies from exporting countries, including mainly Russia and Norway.

Many countries of the old continent have turned to oil and its derivatives as a source of electricity production, to replace the much more expensive natural gas, whose prices have increased by more than 400% this year.

As of 7:10 a.m. GMT, Brent crude futures prices, for delivery in December, rose 0.47%, or 40 cents, to $ 84.77 a barrel.

US West Texas Intermediate (WTI) crude futures, for delivery in December, also rose 0.69%, or 56 cents, to $ 82.25 a barrel.

Oil prices fluctuated during the Monday night session, with some downward trend, amid fears of lower demand from factories in China, the United States, India, South Korea and Japan, due to the semiconductor shortage, and high rates of inflation.

* Translated from Arabic by Mounir Bennour

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