Oil prices continued to rise on Monday, building on gains already recorded the week before.
West Texas Intermediate (WTI) for November delivery gained US $ 1.17, or 1.5%, to settle at $ 80.52 per barrel on the NYMEX in New York. This is the first time that a monthly contract has ended the session above $ 80 a barrel since the end of 2014. Brent crude for delivery in December rose by $ 1.26. , or 1.5%, closing the session at 83.65 dollars a barrel on the London ICE stock exchange.
“The scarcity affecting energy markets remains favorable” for oil prices, Carsten Fritsch, energy analyst at Commerzbank Research said in a briefing note Monday.
Oil prices have risen markedly in recent times, especially after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC +, decided last week to increase production. gradually despite tight supplies.
For the week ending Friday, the benchmark US crude index jumped 4.6%, while Brent rose 3.9% for contracts with monthly maturities.