Upside risks are building up in global oil markets

The Irish Observer reported on October 9 that due to the tight global energy supply, following the rise in natural gas prices, oil prices have also begun to rise recently, with a cumulative increase of more than 4% this week, at a multi-year historical high
.
Brent crude futures rose $1.
14 to $
83.
09 a barrel.
Various oil-related market indicators show signs
of strong growth.

The report believes that the rise in oil prices is mainly affected by two factors: on the demand side, because the price of natural gas has risen sharply, countries have turned more to oil for power generation
.
On the supply side, the Organization of the Petroleum Exporting Countries (OPEC) and other producers said they would continue their production phase-out plans
.
The alliance led by OPEC and Russia said it planned to increase supply by just 400,000 barrels per day in November
.

Industry insiders predict that OPEC and its allies will also raise oil prices sharply as other energy sources such as natural gas and coal continue to rise, global oil demand will increase sharply this winter, and upside risks in the oil
market will begin to accumulate.