October 8, 2021

Oil Prices Make A U-Turn, Back Up Higher

 After being impressed by Russian President Vladimir Putin's statement, crude oil prices are back in support to rise back to the highest levels they have reached before.

US WTI trading, regained the throne at a 7 -year high at $ 78.20 a barrel. The commodity experienced a sharp fall on Thursday with a loss of around 3%.

Meanwhile, Brent oil futures rebounded to a 3 -year high of $ 82.88 a barrel following a drastic decline on Thursday.

Putin had previously said the country was ready to stabilize the global energy market and help export natural gas to Europe to ease the energy crisis on the continent.

However, prices rebounded after the U.S. Department of Energy said it had no plans at the moment to leverage the country’s strategic oil reserves to offset rising oil prices.

Overall, the rise in oil prices this week was driven by a spike in gas prices to all -time highs and a decision by OPEC+ to maintain its production plan of 400,000 barrels in November.