- Brent will have the highest since October 2018, while WTI is the highest since October 2014
- Gas, coal prices encourage conversion to energy for oil products
- China terminates neutral refinery quotas
LONDON, October 18 (Reuters) – Oil prices have risen sharply over the years by reviving demand and high prices for natural gas and coal, encouraging consumers to switch to fossil fuels.
Brent crude futures have risen from $ 86.04 in October 2018 to 95.45 cents to $ 85.45 cents to 59 cents or 0.7%.
West Texas Intermediate (WTI) crude futures hit 90 cents, or 1.1%, to $ 83.18 a barrel after hitting a high of $ 83.73 since October 2014.
Both contracts increased by at least 3% last week.
Analysts of the ANZ Bank said in a statement that “easing global restrictions could help restore fuel consumption.” Converting fuel to oil alone can increase demand by up to 450,000 barrels per day. The fourth quarter.
Cold weather in the northern hemisphere is also expected to exacerbate fuel shortages, said Edward Moya, senior analyst at Oanda.
Oil prices appear to be on the rise in the north, with temperatures plummeting.
“The shortage of coal, electricity and natural gas leads to more demand for crude oil, so it does not seem to be overcrowded with OPEC + or the United States,” he said.
Prime Minister Fumio Kishida on Monday called on Japan to take steps to boost oil production and reduce energy costs in the industry.
According to Chinese data, economic growth in the third quarter fell sharply in a year after power shortages, supply shortages and occasional COVID-19 outbreaks. Read more
In September, China’s crude production rate fell to the lowest level since May 2020 due to a shortage of livestock and environmental inspections at fertilizer factories, and independent filters have tightened import quotas. Read more
By Noah Browning Report; More report by Jessica Jaganatan; Edited by David Goodman and Jason Nellie
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