Crude oil prices continued their rally on Tuesday and traded above $80 per barrel for the second day amid a global shortage in the supply of energy.
At 1220 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.04 (+0.05 percent) to reach $83.69 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $80.59 a barrel, up by $0.05 (+0.06 percent).
The price for Opec Basket was recorded at $81.56 a barrel with 3.77 percent increase, Arab Light was available at $82.17 a barrel with a 0.42 percent increase, while the price of Russian Sokol jumped to $83.03 after gaining 0.41 percent.
According to experts, oil prices powered higher overnight with Brent crude nearing $85 and WTI $82 a barrel as the Asia rally continued into New York. The rally comes amid a widespread energy crisis spurred by a shortage of oil and gas in Europe ahead of the winter season. Oil is at a three-year high, with natural gas up nearly 84.69 percent year-to-date amid disruptions in global supply chains as well as underinvestment in commodities. Natural gas prices fell 1.37 percent to reach $5.27 per million British thermal units on Tuesday. Rising energy prices have prompted several banks to revise forecasts. UBS raised its expectations for oil prices by $5 per barrel, expecting Brent and WTI to average $80 per barrel and $77 per barrel, respectively, over the next 12 months.
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