Power companies have been forced to pull out of the boom due to global power outages, sending oil prices to a three-year high on Friday.
Chinese crude stock was weighed at the meeting and sold in its first public offering.
Futures raised more than 100 points for Brent Raw, rising $ 78 per barrel and West Texas Intermediate Prices by $ 0.9%.
These were high for Brent and WTI closing in October 2018 and July 2021, both on the same day.
Brent is currently targeting $ 80 per barrel, with initial support of $ 77.00 and $ 76.10 per barrel.
It is important to note that in the case of the oil contract, both indicators of relative strength are approaching extreme levels. Instead of reaching new heights in the coming sessions, there is a greater chance that oil will trade sideways.
Oil prices are expected to rise in the coming weeks, with markets struggling to keep up with rising oil prices.
Due to months of disruption, inventions have declined sharply in the United States and abroad.
In the United States, refineries were turning to Iraq and Canada to replace the Gulf. India’s imports have reached a record high in three months.
Some members of the Organization of Petroleum Exporting Countries (OPEC) and their partners (also known as OPEC +) have struggled to increase productivity during the epidemic due to lack of investment or delays in maintenance.
In the UK, drivers are also afraid to buy fuel in Pam due to rising fuel prices.
There have been grid locks at gas stations on September 24, as fears have been mounting that Brent prices have skyrocketed in recent months.