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Oil prices continue to climb for the eighth consecutive week

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Original title: Oil prices continue to climb for the eighth consecutive week

According to a report by World Oil on October 18, oil prices rose again on Monday after rising for the eighth consecutive week, stimulated by the upcoming energy crisis in the winter.

Last week, the price of New York crude oil futures rose by 3.7%, breaking through $83 per barrel, marking the longest weekly increase since 2015. Due to the shortage of natural gas, the power generation industry has increased demand for petroleum products such as fuel oil and diesel. This coincides with the major economies are recovering from the epidemic.

Earlier on Monday, West Texas Intermediate crude oil was at its highest level in nearly seven years, while the global benchmark Brent crude oil exceeded $85 per barrel on Friday for the first time since the end of 2018. The OPEC+ alliance is still only increasing the monthly supply. Some member states cannot even meet the current output targets.

Stephen Brennock, an analyst at brokerage firm PVM Oil Associates, said: “Before the winter, demand will exceed supply, which should ensure upward pressure on oil prices.”

price:

· At 10:32 am London time, the price of WTI crude oil for November delivery on the New York Mercantile Exchange rose 1.03% to $83.13 per barrel, up 1.2% last Friday.

· On the ICE European Futures Exchange, the price of Brent crude oil for December settlement rose 0.6% to $85.38, after rising 1% last Friday.

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At the same time, with the advent of the annual festival, diesel consumption in India is accelerating, and sales in the first half of October will increase to the level before the virus outbreak. The hard-hit aviation industry is also expected to be boosted. The United States will open its borders to foreigners who are vaccinated on November 8.

Li Yang compiled from World Petroleum

The original text is as follows:

  Oil price climb continues, logging eighth weekly gain

  Oil rose higher on Monday following an eighth weekly gain, spurred on by the energy crunch as winter approaches.

  Futures in New York were above $83 a barrel after adding 3.7% last week, capping the longest run of weekly gains since 2015. A shortage of natural gas is creating extra demand for oil products like fuel oil and diesel from the power generation sector. That’s coincided with key economies rebounding from the pandemic.

  West Texas Intermediate was at its strongest in almost seven years earlier on Monday, while Brent, the global benchmark, topped $85 a barrel on Friday for the first time since late 2018. The OPEC+ alliance is still only adding incremental, monthly supplies. Some members are not even expected to meet current output targets.

  “Demand is outstripping supply heading into the winter months, and this should safeguard upward pressure on oil prices,” said Stephen Brennock, an analyst at brokerage PVM Oil Associates.

  Prices:

  ·WTI for November delivery rose 1.03% to $83.13 a barrel on the New York Mercantile Exchange at 10:32 a.m. in London after climbing 1.2% on Friday.

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  ·Brent for December settlement added 0.6% to $85.38 on the ICE Futures Europe exchange after gaining 1% on Friday.

  India’s diesel consumption, meanwhile, is gathering pace with the onset of annual festivals, increasing sales to about pre-virus levels in the first half of October. The battered aviation sector is also poised for a boost, with the U.S. set to open its borders to vaccinated foreigners on Nov. 8.

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