Crude oil continued to rise higher at the start of trading earlier in the week, with the Brent price moving towards the $ 80 a barrel level after touching a three -year high at the start of the session.
Brent crude futures hit their highest level since October 2018 at $ 79.10 a barrel after rising 1.3%.
While US WTI trading rose to its highest level since mid -July, following a gain of more than 1.1% at the opening of today’s trading session.
The disruption to production in the Gulf of Mexico following Hurricane Ida has dealt a huge blow to U.S. oil supplies, causing it to plummet to a three -year low.
In addition, the strengthening of prices was also supported by the expected impact of high gas prices, amid shortages of supply ahead of the winter, especially in Europe.
Following the current oil market situation, it has prompted Goldman Sachs to raise its forecast for Brent crude which is expected to rise to $ 90 a barrel by the end of the year.
Prices are likely to rise in the winter as a lack of global gas supply will boost oil power generation, according to Goldman Sachs.
