The oil market showed strong growth at the beginning of the new trading week. Brent quotes broke the level of $84 per barrel for the first time since October 2018. The current price of the asset is $83.97. WTI grade oil has also risen in price today – to $82.17 per barrel, which was the highest since October 2014. The rise in energy prices is primarily due to the process of economic recovery from the effects of the global pandemic. Experts note that high rates of vaccination contribute to the cancellation of lockdowns and the lifting of restrictions, which further stimulates consumption and leads to an increase in demand. At the same time, the energy crisis in Europe and Asia provided additional support to the oil market, which led to a jump in gas and coal prices and increased the attractiveness of oil as a raw material for energy production. And another factor of price growth can be called the policy of the OPEC+ countries. Last week, the countries of the energy alliance decided to maintain the previously adopted plan to increase production by 400 thousand barrels per day.
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