As at Thursday oil price reached its highest value over the last three years and was quoted at $86 per barrel.
The Brent crude recorded its highest value at $86.10 and dropped to $85.03 at 08:15 GMT.
Rise in the price of Brent oil is still attributed to tightened supply and worldwide energy crisis.
Reports suggests that crude and fuel inventories tightened, with crude inventories at the Cushing storage hub falling to a three-year low
Analysts explained that there have been no significant increase in output by the united states on America or OPEC+ but a few investors gained profits on market signs.
A sedated supply of oil from the OPEC+, Brent oil price has increased by 60% in 2021 and coal and gas crisis has also created a demand switch in power generation sector.
In china the price of coal decreased by 11% on the 21st of October 2021 due to pressure in the oil market as a result of the price drop of coal catalyzed by rumor’s of Beijing’s intervention.
With OPEC+ planning to increase production output this October to the same output before the Covid-19 pandemic oil researchers are expecting Brent oil to rally more while others predict brent oil will sell at $90 by end of the year
