WTI crude oil prices broke through $81

According to the World Oil website reported on October 11, crude oil prices exceeded $81 per barrel
as the global power crunch boosted demand for oil before winter.

West Texas Intermediate crude futures are up 2.
7% to their highest level
since October 2014.
With stocks running slowly ahead of winter in the northern hemisphere, prices for fuels such as coal and natural gas in Europe and Asia have soared, prompting a shift to petroleum products
such as diesel and kerosene.

The structure of the oil market has also changed drastically in recent days, indicating a growing bullish sentiment among traders
.

As the energy crisis intensifies, the benchmark price of U.
S.
crude oil has risen by about 30%
since mid-August.
Saudi Aramco estimates that the gas shortage has increased oil demand by about 500,000 b/d, while Goldman Sachs expects even higher
.
The conversion of natural gas to crude oil is also evident
in increasing the profitability of diesel and fuel oil production in European refineries.

Bjarne Schieldrop, chief commodities analyst at SEB AB, said: "Refinery margins are now suddenly back to health, which is the real demand
for crude oil.
”

Price:

As of 10:05 a.
m.
in London, WTI for November delivery rose $2.
13 to $81.
48;

Brent's December settlement price rose $1.
76 (2.
1%) to $84.
15
.