Oil has sharply increased

26.10.2021

WTI crude oil prices set a record, surpassing $85 per barrel for the first time since October 2014. At 16:05 Moscow time on Monday, October 25, December WTI futures on the exchange were trading at $85.03 (plus 1.52 percent compared to the close of the previous trade session). Brent crude oil at 16:05 rose to $85.56 (plus 1.12 percent).

The record was facilitated by reduction in global supply and rising fuel demand in the United States and elsewhere with the recovery of economy from the pandemic-triggered recession.