Oil prices rise after an optimistic week

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.

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