Business & Economy

Oil prices continue to rise dramatically

On Wednesday evening, the price of Brent crude futures rose to $85.82 a barrel, its highest level since October 2018.
The US West Texas Intermediate crude futures contract for November, which expires today, Wednesday, increased 91 cents, or 1.1 percent, to settle at $83.87 a barrel.
December contracts rose 98 cents, to settle at $83.42 a barrel.
Crude prices rose amid tight supply, with the Organization of the Petroleum Exporting Countries (OPEC) continuing to slowly increase production instead of intervening to pump more crude into the market, and in light of rising US demand.
Oil markets in general remain supported on the back of the global coal and gas crisis, which led to a shift to diesel and fuel oil for power generation.

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