Brent Crude Rises to $85 for the First Time in Three Years

The cost of Brent crude oil futures contract for December 2021 delivery on the London ICE stock exchange rose 1.23% and reached $85.03 per barrel by 10:50, data from trading platforms showed.

According to a number of experts, the growth in oil prices is explained by the recently published IEA report, which predicts a further increase in demand for hydrocarbons.

Another factor that allows oil prices to renew long-term highs is the refusal of Saudi Arabia to implement additional supplies within the framework of OPEC +. The last time the price of Brent exceeded $ 85 per barrel was in October 2018.

Later during the day, the excitement in the market had slightly decreased, the price of Brent crude oil retreated to $ 84.79 per barrel, having risen in price since the beginning of the trading session by $0.79 (+ 0.94%).

Earlier it became known that the price of gas on the exchange in Europe exceeded $1,250 per thousand cubic meters at the beginning of trading, as evidenced by the data of the ICE Futures trading platform.

At the moment, the price of fuel has slightly decreased and is 1240 dollars per thousand cubic meters, since the beginning of trading the price of gas has increased by 1.2%.

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