Oil prices continue to climb for the eighth consecutive week


 According to a report by World Oil on October 18, stimulated by the upcoming energy crisis in winter, oil prices rose again on Monday after rising for the eighth consecutive week.

Last week, the price of New York crude oil futures rose by 3.7%, breaking through $83 per barrel, marking the longest weekly increase since 2015. Due to the shortage of natural gas, the power generation industry has increased demand for petroleum products such as fuel oil and diesel. This coincides with the recovery of major economies from the epidemic.

Earlier on Monday, West Texas Intermediate crude oil was at its highest level in nearly seven years, while the global benchmark Brent crude oil exceeded $85 per barrel on Friday for the first time since the end of 2018. The OPEC+ alliance is still only increasing the monthly supply. Some member states cannot even meet the current output targets.

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