As more vaccinated people in various countries return to work to support the recovery of economic activities, the price pressure brought by demand has pushed Brent and WTI oil prices to rise for five and seven weeks respectively.

(Tokyo/Singapore/New Delhi integrated electricity) Economic activity resumed further, and supply from oil-producing countries continued to be restricted. Crude oil prices continued to rise on Monday (October 11), setting a new seven-year high.

Following a 4% rise last week, the price of Brent crude oil continued to rise during the Asian time zone trading hours on Monday. As of 6:30 pm local time, it was quoted at US$84.26 per barrel; US West Texas Intermediate (WTI) The price also broke through US$80 during the session and reported US$81.63 as of 6:30 in the evening, the highest record since the end of 2014.

As more vaccinated people in various countries return to work to support the recovery of economic activities, the price pressure brought by demand has pushed Brent and WTI oil prices to rise for five and seven weeks respectively.

The soaring prices of coal and natural gas have also prompted crude oil to become a more attractive source of fuel for power generation, pushing up crude oil prices. The Petroleum Union (OPEC) decided last week to increase production by 400,000 barrels per day in November as originally planned, bringing even greater pressure on oil prices.

Daniel Hynes, senior commodity strategist at ANZ, told Bloomberg: “The Oil Union’s decision to increase production as originally planned, rather than increase production, is likely to lead to further tightening of the market in the fourth quarter. Demand continues to rise, and the market continues to see many bids from buyers."

CMC market strategist Wang Suiqin told Reuters: “Today’s rally was not directly driven by news factors. The price increase was driven by market trading momentum, reflecting investors’ higher inflation expectations, which in turn supported the bullishness of oil prices. ."

With the current energy crisis facing the world, the possibility of a difficult winter in the Northern Hemisphere is increasing as people’s demand for electric heating increases.