[Economics] Oil rises to the highest level in 3 years .. and Brent records 84.86 dollars a barrel

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https://www.msn.com/ar-ae/money/news/النفط-يصعد-لأعلى-مستوى-في-3-سنوات-وبرنت-يسجل-84-86-دولار-للبرميل/ar-AAPAY3z?li=BB1ebCer

 

 

 

Oil prices rose to a three-year high, exceeding $85 a barrel at the end of trading on Friday, supported by expectations of a shortfall in supply during the past few months, and an increase in demand with the easing of travel restrictions.

 

Brent crude futures rose 86 cents, or 1%, to settle at $84.86 a barrel, after prices earlier touched the highest level since October 2018 at $85.10 a barrel, and rose during the week 3%, to record gains for the sixth consecutive week, according to the newspaper. CNBC Arabic.

 

US West Texas Intermediate crude futures rose 97 cents, or 1.2%, to $82.28 a barrel. Crude rose 3.5% this week, rising for the eighth consecutive week.

Demand has rebounded as the recovery from the coronavirus pandemic deepens, as the industry shifts away from expensive gas and coal, to fuel oil and diesel.

 

Global supplies are expected to remain under pressure due to a sharp decline in oil inventories in the Organization for Economic Cooperation and Development, and in the United States.

And the International Energy Agency said last Thursday that the energy crisis is expected to boost oil demand by 500,000 barrels per day.