Prices are climbing to their highest level in months. The shortage is to blame; large producing countries such as Saudi Arabia and Russia are keeping their deliveries tight.
The rise in prices on the oil market continues. Prices were once again at their highest level since last November.
At its peak, a barrel (159 liters) of North Sea Brent for delivery in November cost significantly more than $94. A barrel of American West Texas Intermediate (WTI) rose to just over $91. The Brent price was last quoted at $94.29. That was 59 cents more than the day before. The WTI price rose 65 cents to $90.81.
The scarce supply still dominates the market situation. Large producing countries such as Saudi Arabia and Russia are keeping their deliveries tight. They recently extended their production cuts until the end of the year. In addition to the OPEC oil cartel, the International Energy Agency (IEA) also expects oil supply to be too low over the course of the year. On the other hand, energy demand remains high. Solid economic data from China this morning even provided indications that it could increase further.