Oil prices continue to rise to their highest levels since 2014

 Oil prices continued to record more gains with the beginning of trading this week, to come closer to their highest levels since 2014, in conjunction with the continued rise in demand for crude oil with the recovery of economies in various countries of the world from the Corona pandemic, especially with the shift in demand more for oil. During the recent period after the aggravation of the natural gas and coal crisis in a number of countries.

And spot contracts for US crude managed to reach levels of $83.32 a barrel until the last hour, approaching the highest level since October 2014, achieving a daily increase of about 1.06%. As for US crude futures, they rose by about 1.25% during the day and were able to reach levels of $82.75 a barrel.

These gains also affected Brent crude, as Brent spot contracts witnessed a rise of 0.85% on a daily basis, reaching, until the last hour, levels of $85.62 a barrel. At the same time, Brent crude futures rose towards levels of $85.62 a barrel during the day, after rising by 0.90%.

Experts believed that easing the restrictions of closures in a number of countries would help the economy recover and improve demand for energy products. Experts added that the shift in demand from natural gas to oil may contribute to raising the demand for crude oil by about 450 thousand barrels per day during the last quarter of this year, after the record rise in natural gas prices.

With the approach of winter and the decline in temperatures accompanied by severe cold waves in the northern hemisphere, it is expected that the oil market will witness a noticeable deficit with the continued rise in demand and weak supply due to the adherence of the oil-producing countries in the OPEC + alliance to abide by the agreement to gradually raise the volume of production by about Only 400,000 barrels, starting from next November, despite the high demand.

Representatives of the member states of OPEC + indicated at the beginning of this month that the decision of the OPEC + alliance came with the aim of achieving balance in the oil market during the last quarter of this year and next year, as the expectations of the Organization of the Petroleum Exporting Countries indicate a decline in demand for crude oil during the next year, and thus will guarantee levels The current supply balance in the markets.

In an attempt to counter the crisis of high oil prices, Japan's new Prime Minister, Kishida, said that the government will call on oil producers to increase supply in an attempt to help manufacturers cope with the strong rise in energy prices, which has added pressure on companies and the economy. It is expected that oil prices will continue trading near their current levels for some time in light of the continuing energy crisis in Europe and China.