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The economic recovery boosted oil demand, and international oil prices rose significantly on October 11

 Last Update: 2023-03-27
 Source: Internet
 Author: User

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In the crude oil market, the economic recovery boosted oil demand
.
At the same time, coal and natural gas prices have soared, causing more power suppliers to switch to crude oil for power generation
.
All of the above factors pushed international oil prices to continue their upward momentum
on Monday.
As of the close, New York light crude futures for November delivery stood above the $80 per barrel integer mark for the first time in nearly seven years, closing at $80.
52 per barrel, up 1.
47%; London Brent crude futures for December delivery settled at $83.
65 a barrel, a three-year closing high, up 1.
53 percent
.

Although the United States again called on OPEC to increase production on Monday and said it would consider using all means to cool oil prices, some analysts pointed out that the United States can sell up to 60 million barrels of strategic reserve crude oil, but this figure does not prevent oil prices from moving
towards the next mark of $90 per barrel.

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